NCSL Reaffirms Policy on Dual Chartering for Credit Unions and State Sovereignty in Financial Services

August 10, 2012 - The National Conference of State Legislatures (NCSL) held its annual Legislative Summit recently in Chicago, Aug. 6-9. At this meeting, NCSL approved a condensed version of its banking, insurance and internet electronic commerce policies. As part of these policies, the strong policy on credit union dual chartering and state sovereignty in financial services was reaffirmed, actions applauded by NASCUS.

"NASCUS is pleased that the NCSL continues to support a strong standing policy reinforcing the importance of dual chartering for credit unions," said NASCUS President and CEO Mary Martha Fortney. "In addition, we are encouraged by NCSL's diligent opposition to preemption in financial services and its support for innovation in the states for financial institutions."

The NCSL policy also supports the authority of state governments to determine how state financial institutions can be insured and opposes efforts by the federal government to preempt states’ authority to govern state deposit insurance requirements.

The revised policy was first approved by the NCSL Standing Committee on Communications, Financial Services and Commerce Committee on Aug. 7 and then adopted at the NCSL annual meeting. NASCUS monitors the activity of this Committee, and contributes the state credit union regulatory perspective and information when the Committee addresses credit union or state law issues in our field.

This year's NCSL Legislative Summit agenda featured a wide range of topics impacting state legislatures including election 2012, jobs, the economy, budgets, education and technology and much more.

To read more about NCSL, follow this link.