Sept. 25, 2018

Information Contact:
Shelton Roulhac, Vice President, Communications, sroulhac@nascus.org  or (703) 528-5974

NASCUS LEADERSHIP EDUCATE LAWMAKERS ON THE STATE-CHARTERED SYSTEM 

“NASCUS leadership champion the state credit union system on Capitol Hill."

ARLINGTON, Va. – Today, members of NASCUS’ Regulator Board and Credit Union Advisory Council met with Congressional offices to advance issues impacting the state credit union system. 

“The state credit union system is a vital part of the financial services community, as state-chartered credit unions hold nearly half of the total credit union assets of $1.4 trillion and count almost half of all credit union memberships of 115 million. These institutions are regulated by state supervisory agencies and have a vested interest in their communities,” said NACSUS President and CEO Lucy Ito. “We are on the Hill to educate lawmakers about the importance of the state system and to advocate for Congressional action that would strengthen and support the system.” 

During Hill meetings, NASCUS leadership had three primary asks of lawmakers:

  • Increase the NCUA Board from 3 to 5 members and ensure state representation to the NCUA Board
  • Exempt pre-existing nonprofit executive compensation contracts from the excise tax in parity with for-profits
  • Pass data breach legislation that does not preempt more stringent state laws and that subjects non-financial institutions to the same data security standards as financial institutions; and
  • Provide clarity for serving legal marijuana-related businesses
The National Association of State Credit Union Supervisors (NASCUS) is the primary resource and voice of the state governmental agencies that charter, regulate and examine the nation’s state-chartered credit unions. NASCUS membership is made up of state-chartered credit unions, state regulators and other supporters of the state credit union system. NASCUS is the only organization dedicated to the defense and promotion of the state credit union charter and the autonomy of state credit union regulatory agencies.