May 21, 2010

Statements from NASCUS President and CEO Mary Martha Fortney on Senate Passage of Financial Regulatory Reform, S. 3217

Arlington, Va. — On May 20, the U.S. Senate approved S. 3217, the Restoring American Financial Stability Act of 2010.

As the House and the Senate reconcile their two financial regulatory reform bills, NASCUS will continue to encourage the House and Senate leadership to defend against further preemption, to ensure a seat a table for state regulators on systemic risk and encourage partnership with the states on consumer protection.

NASCUS President and CEO Mary Martha Fortney made the following comments regarding passage of S. 3217.

"As the two bills are reconciled by the House and Senate, NASCUS is hopeful we can ensure state regulators are part of mechanisms for systemic risk mitigation and that preemption of state consumer protection laws is not taken any further," said Fortney.

She continued, "It is critical that the state financial system is upheld and state regulators continue to play a role in consumer protection issues, systemic risk and national regulatory policy. State regulators' local and regional supervisory roles are critical to the safety and soundness of our financial services system. NASCUS will continue to promote the importance of state regulatory authority, state consumer protection laws and state chartering options as the House and Senate reach consensus on the two bills."

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.