PRESS RELEASE

Nov. 17, 2016

NASCUS PRESIDENT AND CEO LUCY ITO ON NCUA OTR BRIEFING
‘Never about a number; about equity, fairness, legal question of funding allocation’

We’re pleased, of course, that the overhead transfer rate has been reduced – but, of course, we believe that it must be further lowered. This has never been about a number: it’s about equity and fairness, and most importantly the legal question as to how Congress intended the agency to allocate funding. It’s a very hopeful sign to the state system that the NCUA Board is taking a close look at the comments submitted earlier this year on the methodology, and that the agency is looking for fairness and transparency going forward, as both Chairman Metsger and Board Member McWatters said. Our sincere thanks to both of them. NASCUS has been working on this issue for many years, and we await eagerly the staff report in January. We hope to work with the board members following that. Once again, however, we urge the agency to rescind its delegation to staff of setting the OTR; this is something that must rest with the board.

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.