June 17, 2009

Treasury Assistant Secretary Barr Meets with NASCUS to Discuss Capital and Regulatory Reform

Washington, D.C — On the day the Obama Administration and U.S. Treasury released its regulatory modernization plan, NASCUS management had the opportunity to discuss state credit union regulatory issues with U.S. Treasury Assistant Secretary for Financial Institutions Michael Barr.

At the meeting, NASCUS expressed its appreciation for the Administration's recognition of the importance of credit union dual chartering and separate credit union regulation, as reflected in the plan released today. "We told Assistant Secretary Barr that NASCUS is encouraged by the Administrationís understanding of the value of charter choice and the benefits of state and federal regulatory oversight of financial institutions," said NASCUS President and CEO Mary Martha Fortney.

NASCUS also communicated state regulators' strong support for capital reform and supplemental capital for credit unions. We also provided an introduction to Assistant Secretary Barr about the state credit union system of supervision and the role of the NASCUS Accreditation Program in maintaining the high standards of state agencies.

"NASCUS looks forward to continuing our dialogue with Treasury as we address the legislative and regulatory priorities of state regulators and the state credit union system," said Fortney.

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.