PEWAUKEE, Wis. (8/6/14)--National Credit Union Administration Chair Debbie Matz met with credit union leaders in central Wisconsin Tuesday to discuss issues affecting the member-owned cooperatives and how they provide financial services to their 2.4 million members in the state.
Matz was hosted by U.S. Rep. Sean Duffy (R-Wis.), who is vice chair of the House Financial Services subcommittee on financial institutions and consumer credit.
"Credit unions welcome this tremendous opportunity to dialog because open communication helps ensure regulators fully understand the impact their decisions have on consumers, their access to credit and the cost they pay for financial services," said Brett Thompson, Wisconsin Credit Union League president/CEO.
"We are extremely grateful to Rep. Duffy not only for listening to credit unions' concerns about their operating environment--which has been strained by the massive changes in regulatory burden over the past several years--but also for appreciating the effects this pressure has on the wallets of Wisconsin consumers in general and those in his district in particular. His ongoing leadership and support are deeply appreciated," Thompson said.
Joining Matz were the NCUA's Director of Examination and Insurance Larry Fazio, NCUA's Region 1 Director Larry Blankenberger, and Wisconsin Office of Credit Unions (OCU) Director and top state credit union regulator, Kim Santos.
Among the topics discussed during the meeting at Northcentral Technical College were risk-based capital, cybersecurity, enterprise risk management, business lending, call reports, loan participations, credit union service organizations and the health of the economy.
Most Wisconsin credit unions are state-chartered, placing the primary regulatory authority in the hands of the state OCU. Yet because NCUA insures credit union deposits up to $250,000--as the Federal Deposit Insurance Corp. does for banks--the agency conducts insurance reviews--a type of examination--of Wisconsin credit unions. The reviews are done in conjunction with the OCU to ensure safety and soundness and the health of the insurance fund that protects the U.S. credit union system.