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A
special message
from
Mary Martha Fortney, President and CEO,
June 13, 2007
During NASCUS’ recent business meetings, one of the discussion topics among association leadership was the NASCUS initiative to revisit the Nationwide Cooperative Interstate Branching Agreement.
Signed by 38 state agencies to date, the Agreement establishes guidelines for state credit union supervisors to examine and supervise the interstate operations of multi-state, state-chartered credit unions.
The guidelines were designed to assist state supervisors in their efforts to promote increased coordination, cooperation and communication in the regulation of multi-state credit unions. The Agreement also maintains competitive, responsive and safe and sound credit union operations for multi-state credit unions.
Since the inception of credit union interstate branching, it has been a critical element of credit union member service. The continued growth of interstate branching places responsibility on state regulators to maintain the safety and soundness of state credit unions operating in a multi-state environment.
NASCUS recognizes that it is an opportune time to refocus on interstate branching. A task force has been formed to address emerging regulatory and examination issues associated with interstate branching and make recommendations for updates to the Agreement.
Our goals in updating the Agreement are to continue promoting cooperation in the examination and supervision of multi-state credit unions and to foster effective coordination and communication among the state supervisors without increasing regulatory burden.
NASCUS’ work on this issue has begun. If you have comments or would like to contribute to the effort, please contact me at marymartha@nascus.org.
To view the existing Agreement, click here.
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