PRESS RELEASE

September 24, 2010

Statements from NASCUS President and CEO Mary Martha Fortney Final Part 704, Corporate Credit Unions

Arlington, Va. — Today, the National Credit Union Administration (NCUA) approved its final Part 704, Corporate Credit Unions, and presented its legacy assets plan.

Throughout the rulemaking process, NASCUS and state regulators worked regulator-to-regulator with the agency to ensure a strong and balanced regulatory approach to the corporate credit union system.

NASCUS President and CEO Mary Martha Fortney made the following comments regarding final rule Part 704.

"NASCUS commends the agency for completing the enormous and complicated task of stabilizing the corporate credit union system and re-promulgating its corporate rule," said Fortney.

"From the start, state regulators and NCUA worked to address corporate credit union issues in an equitable fashion that protects safety and soundness with a focus on enhanced joint federal-state regulator supervision. NASCUS and state regulators anticipate continuing their active role as the final rule is implemented."

She continued, "NASCUS has always viewed improving the corporate system as an ongoing effort and we will continue to work with NCUA on areas that remain of concern to the state system."


Information Contact:
Kate Hartig, VP, Public Relations and Legislative Affairs, (703) 528-0669 or kate@nascus.org
The NASCUS mission is to enhance state credit union supervision and advocate a safe and sound state credit union system.