PRESS RELEASE

Sept. 13, 2016

NASCUS President and CEO Lucy Ito on adoption of credit union provisions
In the CHOICE Act (HR 5983) adopted by the House Financial Services Committee

The House Financial Services Committee this morning passed, and sent to the full House for consideration, H.R. 5983, the "Financial Choice Act," a regulatory reform legislative package. NASCUS President and CEO Lucy Ito comments on the passage of the bill by the committee, which holds a number of provisions of interest to the state credit union system.

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‘Valuable provisions long advocated by state credit union system’

This legislation includes valuable provisions for the state credit union system, many of which NASCUS has long advocated. Among them: Increasing the transparency of the overhead transfer rate, extending the exam period for some credit unions to 18 months and increasing the membership of the NCUA Board to five members from its current three – which NASCUS has recommended for the past 20 years. While increasing the board membership would enhance the board’s deliberative process, expand its collective expertise, and improve the efficient administration of agency business, NASCUS also urges lawmakers to consider further amending the legislation going forward to designate one of the seats on the board for a candidate who has served as a state credit union supervisor. Doing so would reflect the basic value of interaction between the Board and state regulators, and the importance of the dual-chartering system to the health and safety of the credit union system. Ultimately, consumers benefit when the state voice is heard – and when federal and state regulators work cooperatively.

 

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.