PRESS RELEASE

FOR IMMEDIATE RELEASE

Jan. 21, 2016

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

NASCUS PRESIDENT AND CEO LUCY ITO
ON NCUA BOARD VOTE TO ISSUE ‘OVERHEAD TRANSFER RATE’ METHODOLOGY FOR NOTICE, COMMENT

‘An unprecedented opportunity; it’s about time’

This is an unprecedented opportunity, and it’s about time. For years, state regulators and credit unions have sought the chance to weigh in on the overhead transfer rate to address the inequities of the current system. The NASCUS legal analysis released last summer, in fact, found that that the OTR is a rule and should be subject to notice and comment. We’re gratified that NCUA has voluntarily considered the view expressed in our analysis and taken this step. Although we are still poring over the agency’s 112-page document and considering the details of the comment call, we urge as many state regulators and state credit unions as possible to file their own comments about the OTR and address a system in imbalance.

Information Contact:
Patrick Keefe, Vice President, 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.