May 16, 2019

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

NASCUS CEO LUCY ITO ON NCUA CHAIRMAN RODNEY HOOD’S TESTIMONY BEFORE THE HOUSE FINANCIAL SERVICES COMMITTEE

ITO: “NASCUS commends Chairman Hood’s statements on studying CECL and reviewing the NCUSIF normal operating level. We also applaud the agency’s commitment to diversity and inclusion.”

Arlington, VA – Today, NCUA Chairman Rodney Hood testified before the House Financial Services Committee at the hearing, titled “Oversight of Prudential Regulators: Ensuring the Safety, Soundness and Accountability of Megabanks and Other Depository Institutions.” 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 testified alongside Chairman Hood.

“NASCUS commends Chairman Hood for being deliberative regarding the impact of the Financial Accounting Standards Board’s current expected credit losses accounting standards (CECL) on credit unions and their members,” said NASCUS President & CEO Lucy Ito.  “In addition, we are pleased that NCUA will conduct a review of the National Credit Union Share Insurance Fund normal operating level to assure it is set appropriately for risks,” Lito continued. “NASCUS further applauds the Chairman’s commitment to diversity and inclusion in NCUA’s workforce and his direct involvement with the Office of Minority and Women Inclusion.”

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.