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.
Patrick Keefe, Vice President, Communications, email@example.com or (703) 528-5974