BOSTON (4/18/14)--Massachusetts Banking Commissioner David Cotney advised the state's credit unions to comment on new regulations, including the National Credit Union Administration's risk-based net worth proposal.
Metro-Boston and Tri-County North Chapters of the Massachusetts Credit Union League held a question-and-answer session with Cotney Wednesday.
The session was moderated by Massachusetts Credit Union League President Paul Gentile (Daily CU Scan April 17).
The Massachusetts Banking Division has asked NCUA to extend the comment period for the risk-based net worth proposal beyond the May 28 deadline, Cotney said. The division will send its comments as part of a broader comment letter filed by the National Association of State Credit Union Supervisors.
The Credit Union National Association and the National Association of Federal Credit Unions Thursday jointly sent a letter to the NCUA urging an extension for the risk-based net worth proposal comment period (See related story: CUNA, NAFCU jointly repeat urging for RBC comment extension).
Regarding last week's Heartbleed incident, Cotney noted that each individual credit union must make its own decision on how and whether to notify members, but he cautioned that going forward more security issues are likely. He suggested that credit unions develop guidelines so they don't overwhelm members by alerting them to every attack.
Cotney said four Massachusetts mutual savings banks have filed applications to convert to stock-owned--the most applications the division has received since the early 1980s. He also encouraged credit unions to evaluate whether they can become low-income designated, as it has a number of advantages.
The meeting raised $700 for the Massachusetts Coalition for the Homeless.