November 19, 2009

Statements from NASCUS President and CEO Mary Martha Fortney on Corporate Credit Union Proposed Rule and NCUA 2010 Budget

Arlington, Va. — Today, the National Credit Union Administration (NCUA) Board addressed critical issues for the state credit union system, including the proposed rule for corporate credit unions and the agency's 2010 operating budget.

NASCUS President and CEO Mary Martha Fortney made the following comments regarding the proposed corporate rule, amending Parts 704 and 747.

"NASCUS commends NCUA for consulting and cooperating with state regulators in the development of the proposed corporate credit union rule. NASCUS is committed to working with all parties to develop the best rule possible, and will continue its regulator-to-regulator dialogue with NCUA as well as filing public comments," said Fortney.
"Throughout the rulemaking process, state regulators worked with NCUA senior staff to provide NCUA with the recommendations and the perspectives of state regulators."

She continued, "NASCUS seeks a final corporate credit union rule that addresses capital levels, concentration issues, systemic risk and supervisory concerns while preserving a meaningful opportunity for corporate credit unions to continue as ongoing concerns with support from their members. In addition, NASCUS believes restoring distinctions between state and federal corporate credit unions are important to the future stability of the system."

Fortney also remarked on the agency's 2010 operating budget, "As the agency adjusts its examination program, NASCUS anticipates NCUA will continue to consult and cooperate with state regulators to make certain that the examination of state-chartered credit unions is robust, thorough and efficient. NASCUS will further review the 2010 NCUA budget and dialogue with the agency to ensure the state credit union system is appropriately represented as stakeholders in the administration of the NCUSIF."

Information Contact:
Kate Hartig, VP, Public Relations and Legislative Affairs, (703) 528-0669 or
The NASCUS mission is to enhance state credit union supervision and advocate a safe and sound state credit union system.