CUs must be heard for NCUA to be effective, McWatters says
April 17, 2015
DENVER (4/20/15)--Input from credit union leaders is important for the National Credit Union Administration to be an effective regulator, NCUA board member J. Mark McWatters said Friday.
Speaking to Colorado and Wyoming credit union leaders at a Mountain West Credit Union Association event, McWatters said hearing from people involved in the day-to-day processes of the movement would help the NCUA assist credit unions going forward.
"Listening to the ideas and recommendations of individuals working within the credit union system on a daily basis provides me with invaluable insight on how I may help relieve their regulatory burden and provide greater transparency of the regulatory process at NCUA," McWatters said. "I have called for hearings on the NCUA budget and for the employment of advisory committees to provide the agency with a common-sense perspective of the credit union community."
McWatters also discussed areas he said are in need of regulatory relief, including member business lending, risk-based capital, supplemental capital, field-of-membership issues, examinations and appeals. He pledged to continue meeting with credit unions nationwide to achieve a more responsive, efficient and transparent agency.
According to the NCUA, the group also conducted an extended dialogue on the public safety and tax base erosion issues presented by not promptly bringing the cash proceeds generated from cannabis-related businesses into the financial system.
McWatters encouraged the NCUA to take the lead in working with the U.S. Justice Department, Treasury Department, Federal Reserve Board, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency in developing a workable solution to remove the cannabis cash from the streets and put it into the financial services system.