PRESS RELEASE

Aug. 3, 2015

CONTACT: Patrick Keefe, NASCUS Communications/703-528-5974, pkeefe@nascus.org

COMMENT FROM LUCY ITO, NASCUS PRESIDENT AND CEO
ON NCUA GENERAL COUNSEL REVIEW OF NASCUS LEGAL ANALYSIS OF OTR

"We have been asking for insight into the agency’s legal conclusions regarding why the overhead transfer rate is not subject to the Administrative Procedure Act (APA), and now we have it. In that respect, we consider this progress. While we respect the role of the NCUA Office of General Counsel and the confidentiality of its advice, the NCUA Board has a public duty to justify its actions to stakeholders. The bottom line is that state regulators and credit unions deserve the opportunity to voice their views about the allocation of resources by the agency via the OTR, and to have those views considered by the agency. The NCUA Office of General Counsel's conclusions do not erase the fundamental desire by our members, and we'll keep pursuing every avenue to help them achieve their goal."

 

Information Contact:
Patrick Keefe, Director of Communications, pkeefe@nascus.org or (703) 528-5974

The National Association of State Credit Union Supervisors (NASCUS) is the primary resource and voice of the state governmental agencies that charter, regulate and examine the nation’s state-chartered credit unions. NASCUS membership is made up of state-chartered credit unions, state regulators and other supporters of the state credit union system. NASCUS is the only organization dedicated to the defense and promotion of the state credit union charter and the autonomy of state credit union regulatory agencies.