FOR IMMEDIATE RELEASE
CONTACT: Vicki Christner – CUNA Communications; (202) 508-6754; email@example.com
Washington, DC (November 19, 2015) – President/CEO of the Credit Union National Association (CUNA), Jim Nussle, released the following statements after the National Credit Union Administration (NCUA) Board meeting on field of membership, an 18 month exam cycle and the NCUA budget:
Field of Membership:
“CUNA applauds and appreciates the NCUA’s proposed field of membership rule which will provide greater choice and flexibility for credit unions to better serve. Today’s rule incorporates many of the recommended changes suggested by CUNA and our members that will better align federally chartered credit unions with state chartered credit unions who have seen sensible changes by their legislatures in recent years as a result of the demands from the communities they represent. We thank the NCUA for listening to CUNA and drafting a rule that stays within the confines of the Federal Credit Union Act all while ensuring American consumers are allowed more options when choosing their financial service provider.”
18 Month Exam Cycle:
“We were very pleased to hear Chairman Matz say what we have been urging in meetings and our comment letter: that the agency should use efficiencies and analytics to reduce the examination frequency for well managed credit unions. We look forward to the agency implementing this, and thank the Chairman for her leadership on this matter.”
"CUNA remains very concerned that the NCUA has increased its budget for the ninth straight year rather than propose budget reductions to decrease credit unions' financial obligation to the agency. We believe the agency needs to monitor and modernize resources to maximize funds and contain costs. The credit union industry is healthy and strong, and CUNA will continue pressing the agency to be more efficient with credit unions' funds."
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America's credit unions, which are owned by more than 100 million members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter. Visit the CUNA Press Room for a full listing of media mentions, press releases and resources to stay informed on current events within the credit union industry.