NASCUS Discusses State System Issues with Treasury and CFPB Officials

March. 26, 2012 - Recently, NASCUS met with officials at the U.S. Treasury and the Consumer Financial Protection Bureau (CFPB) to continue dialogue with them on issues impacting the state credit union system.

"Our consistent interaction with officials at the U.S. Treasury, the CFPB and others helps to maintain their awareness of state system interests as the organization works on reforms and enhancements to the state credit union system," said NASCUS President and CEO Mary Martha Fortney. 

On March 21, NASCUS met with U.S. Treasury Assistant Secretary for Financial Institutions Cyrus Amir-Mokri. The U.S. Treasury's Office of Financial Institutions helps formulate policy on financial institutions and government-sponsored enterprises, critical infrastructure protection and compliance policy, and financial education. 

NASCUS Chairman Orla Beth Peck (UT) and NASCUS Board Member John Kolhoff (MI) joined NASCUS management for the meeting to discuss the state credit union landscape and introduce Amir-Mokri to NASCUS. (He was confirmed by the Senate on October 31, 2011.) Over the years, NASCUS has met with leadership in the Financial Institutions Office to keep them informed of the health of the state credit union system and the need for reforms, such as supplemental capital for credit unions. NASCUS discussed H.R. 3993 with Amir-Mokri, legislation that would allow supplemental capital access for natural person credit unions. He was interested in continuing dialogue with NASCUS and staying apprised of the financial condition of state institutions.   

Also on March 21, NASCUS and several state regulators continued a series of meetings with Steve Antonakes of the CFPB to dialogue on the CFPB's coordination with the states and the examination program for credit unions with more than $10 billion in assets. Antonakes, a former member of NASCUS when he was the Commissioner of the Massachusetts Division of Banks, has been in close contact with NASCUS and state regulators since he began his position as the Assistant Director for Large Bank Supervision at the CFPB. He noted that the CFPB continues to focus on training and hiring examiners and that examinations of some large institutions had begun. He also again expressed the intent of the CFPB to coordinate closely with the states on examination and supervision of state-chartered credit unions in their jurisdiction.