MARLBOROUGH, Mass. (2/27/15)--The Cooperative Credit Union Association (CCUA) hosted the National Association of State Credit Union Supervisors (NASCUS) Directors College this week, with members from Massachusetts, New Hampshire and Rhode Island all represented.
|David Cotney, Massachusetts Division of Banks commissioner, addresses the NASCUS Directors College, which was hosted by the Cooperative Credit Union Association this week. (Cooperative Credit Union Association Photo)|
In addition to the 50 representatives from the Directors College, members of the Massachusetts Division of Banks (DOB), the New Hampshire Banking Department and the Rhode Island Department of Business Regulation also attended (Daily CU Scan Feb. 25).
The Directors College is a daylong event that provides the opportunity for credit union directors to stay on top of critical statutory, fiduciary and regulatory responsibilities.
NASCUS President/CEO Lucy Ito opened the event by outlining advocacy issues and recent NASCUS achievements, including work on the unrelated business income tax, overhead transfer rates, cybersecurity symposiums and risk-based capital.
Ito's discussion on national issues included the challenges facing credit unions that serve marijuana-related businesses.
Paul Gentile, CCUA president/CEO, talked about the importance of director education and the value of volunteer service to credit unions.
Later, David Cotney, commissioner of the Massachusetts DOB, discussed cybersecurity and regulatory burden. He noted the DOB has reduced one-third of its regulations on credit unions and continues to modify and streamline others.
Cotney also expressed that he is a strong supporter of the low-income credit union designation.