HARRISBURG, Pa. (4/17/14)--After receiving guidance from the Pennsylvania Credit Union Association, the state Independent Regulatory Review Commission (IRRC) this week approved the Department of Banking and Securities' new annual assessment regulation for state-chartered credit unions.
The regulation will streamline reporting and billing requirements by eliminating examination based billing (Life is a Highway April 16). The department operates independent of the state's general fund, the league reported. The assessment will provide the department adequate and sustainable funding, which will insulate credit unions and other stakeholders from uncertainties that can arise during the budget process.
"The association played a vital role in shaping the new fee structure, securing a much more equitable process," said Patrick Conway, PCUA president/CEO. "The funding mechanism will be an assessment-only model. State-chartered credit unions won't have the surprise of examiner time and expenses as the new model is implemented."