July 15, 2010
NASCUS Statement on House and Senate Passage of Regulatory Reform Conference Report, H.R. 4173
Arlington, Va. With the Senate and House approval of regulatory reform legislation, the conference report of H.R. 4173, the bill will now go to the President's desk for his signature.
For the past two years, NASCUS has communicated the state credit union perspective on federal regulatory reform efforts, testifying several times in the House and Senate and contributing the state credit union regulatory voice as the legislation moved forward. NASCUS is pleased that the final bill includes a strong defense against preemption and both state regulatory voices (as nonvoting members) and the National Credit Union Administration Chairman on the Financial Stability Oversight Council in order to mitigate and to address national financial systemic risk.
In addition, NASCUS President and CEO Mary Martha Fortney issued the following comments about the approval of the bill.
"After the bill is signed into law, NASCUS' efforts will continue throughout the rulemaking process and implementation of the bill to ensure that state regulators continue to have the authority and the capability to protect the safety and soundness of the state credit union system," said Fortney. "NASCUS and state regulators will also continue to encourage Congress to defend against preemption and to make certain that state credit unions remain primarily regulated by those who know their communities and operations best state regulators."
Kate Hartig, VP, Public Relations and Legislative Affairs, (703) 528-0669 or firstname.lastname@example.org