FOR IMMEDIATE RELEASE
March 12, 2019
Jim Nussle, CUNA president/CEO, released the following statement after National Credit Union Administration (NCUA) Chairman J. Mark McWatters and board member Rick Metsger spoke at the 2019 Credit Union National Association Governmental Affairs Conference (CUNA GAC):
“The NCUA is fundamental to ensuring credit unions are operating in a safe and sound environment. We thank Chairman McWatters and Board Member Metsger for strengthening the credit union system by recognizing that regulation must be tailored to fit the unique structure of credit unions.”
McWatters and Metsger emphasized the importance of communication, collaboration and compromise as elements that help them run the NCUA.
If any legislative change could be made in the future for credit unions, McWatters stated, and Metsger agreed, that the Federal Credit Union Act should be changed to allow credit unions to add underserved areas to their field of membership. “This is something that could move in Congress because it makes a lot of sense,” Metsger added.
Recognizing that this will be his last GAC, Metsger congratulated Nussle and CUNA as being the only national credit union trade association to support the closure of the Temporary Corporate Credit Union Stabilization Fund, which allowed for distributions to credit unions.
“By sticking to your principles, that also means you’re sticking to safety and soundness,” Metsger thanked CUNA for representing its members.
McWatters also noted that CECL implementation and getting credit unions prepared for compliance is a priority for the financial regulator.
McWatters said in closing, “Meeting with you all keeps me thinking and in tune. How can you regulate someone unless you understand what they’re actually doing; so keep up the good work.”
*Photos from the day’s events can be found here. Please credit CUNA.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.