Acting NCUA Chairman J. Mark McWatters gave his first speech as acting chair at CUNA Governmental Affairs Conference Tuesday, highlighting a number of agency priorities going forward and committing to looking for more ways to achieve regulatory relief.
Among his goals are to look at merging the National Credit Union Share Insurance Fund and the Temporary Corporate Credit Union Stabilization Fund.
“CUNA and our league partners thank Acting NCUA Chairman J. Mark McWatters for giving his first speech as acting chairman today and his comments about the direction of the agency which may allow credit unions to be more effective in providing products and services to their members,” said Bill Hampel, CUNA chief policy officer. “We’re pleased that Acting Chairman McWatters laid out his top priorities, including his plan for 2017 to merge the share insurance and stabilization funds to be able to begin rebating stabilization assessments this year—something for which CUNA and our members have long advocated.”
McWatters, who was named acting chair by President Donald Trump Jan. 23, said the agency would follow the “letter and spirit” of Trump’s regulatory relief executive orders, even though they do not apply to independent agencies such as NCUA.
He said he would follow them “because the credit union community faces an array of ill-conceived and wholly unnecessary regulatory burdens.”
McWatters also laid out a number of issues he intends to analyze with board member Rick Metsger and agency staff, including: