May 15, 2019

CONTACT: Shelton Roulhac, NASCUS Communications; sroulhac@nascus.org

NASCUS PRESIDENT & CEO LUCY ITO ON NCUA CHAIRMAN RODNEY HOOD’S TESTIMONY BEFORE THE SENATE BANKING COMMITTEE

ITO: “We share Chairman Hood’s concerns about cybersecurity threats and observations about NCUA’s progress reducing the burdens of credit unions. We look forward to working with NCUA and Congress to ensure the regulatory reduction continues and the credit union system remains safe and sound.”

Arlington, VA – Today, before the Senate Banking Committee, NCUA Chairman Rodney Hood completed his first Congressional testimony as chairman. The hearing, titled “Oversight of Financial Regulators,” also included Joseph Otting, comptroller at the Office of the Comptroller of the Currency (OCC), Randal Quarles, Vice Chair for Supervision at the Federal Reserve Board, and Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation (FDIC) Board as witnesses.

“NASCUS shares Chairman Hood’s concerns about cybersecurity threats, as noted in his written and oral testimonies, said NASCUS President & CEO Lucy Ito. “We together, with state credit union regulators, stand ready to work with NCUA and Congress to ensure any federal cybersecurity standard respects the authority of the states to implement policies necessary to protect consumers in their communities.”

“We also agree with Chairman Hood that NCUA has made great strides in reducing the regulatory burdens of credit unions, while maintaining the safety and soundness of the Share Insurance Fund. NASCUS particularly appreciates the timely closing of the Corporate Credit Union Stabilization Fund, for which we have long advocated. The Stabilization Fund’s closing has resulted in unprecedented dividends to credit unions while maintaining a healthy equity level in the National Credit Union Share Insurance Fund. We will continue to engage with NCUA on initiatives, such as capital reform and improved appraisal regulations, that will further reduce burden while preserving the safety and soundness of credit unions.”

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.