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April 29, 2008 - NASCUS President and CEO Mary Martha Fortney joined Ohio state regulators for a discussion with state-chartered credit unions (SCUs) during the Ohio Credit Union System’s Zenith08 event, April 25.
The discussion featured Fortney and representatives from the Ohio Department of Commerce, Superintendent of the Division of Financial Institutions John Reardon and Deputy Superintendent for Credit Unions Rose Bartolomucci. Reardon and Bartolomucci focused their remarks on the Ohio economic outlook, the state’s foreclosure situation as well as examination priorities of the agency and the work of the Department’s Credit Union Council.
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Left to right Deputy Superintendent for Credit Unions Rose Bartolomucci, Superintendent of the Division of Financial Institutions John Reardon and NASCUS President and CEO Mary Martha Fortney at the Ohio Credit Union System Zenith08 event, April 25. Photo provided by the Ohio Credit Union System. |
Fortney provided insight into national issues from a Washington, D.C. perspective including an update on unrelated business income tax (UBIT) and NASCUS’ response to the U.S. Treasury’s Regulatory Blueprint for a Modernized Financial Regulatory Structure.
Fortney told the audience that NASCUS is encouraging state regulators and state-chartered credit unions to inform their governors and state legislators about Treasury’s blueprint and its impact on the state system. “The current system provides important competition, innovation and diversity for state and federal financial institutions,” she told Ohio SCUs. “Federal uniformity threatens the dual chartering system and dangerously preempts the balance between state and federal government.”
She also reminded the audience that comments are due April 30 on the National Credit Union Administration’s (NCUA) Advance Notice of Proposed Rulemaking (ANPR) regarding conversions, mergers and fiduciary duty of credit union boards. The ANPR could have implications for the conversion and merger processes for state-chartered, federally insured credit unions, said Fortney at the session. “NASCUS believes that state law should determine the procedures and processes for state-chartered credit union mergers and conversions,” said Fortney. NASCUS will provide comments to the NCUA on the ANPR.
Fortney, Reardon, Bartolomucci joined NCUA Regional Director Alonzo Swann in a “Meet the State and Federal Regulators” Session during the Expo Hall Finale & Lunch. To read more about Zenith08, follow this link to the league’s Web site.
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NASCUS Response to the Treasury’s Regulatory Blueprint for a Modernized Financial Regulatory Structure
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