McWatters: Listening is path to effective regulation
April 10, 2015
ALEXANDRIA, Va. (4/13/15)--To effectively supervise credit unions, National Credit Union Administration board member J. Mark McWatters said during a roundtable discussion, a regulator must understand the daily experiences of running a credit union. And understanding, he said, comes from listening.
He was addressing credit union officials from Texas, Arkansas and Oklahoma as part of the Cornerstone Credit Union League's annual meeting and convention held in Austin, Texas, and attended by more than 900 credit union representatives.
"Listening to the concerns, ideas and suggestions of credit union representatives from all parts of the country is, in my opinion, the best way to gauge the pulse of the system," McWatters said. "Only by understanding their positions on important topics impacting the way they run their businesses and serve their members can I effectively evaluate what comes before the NCUA board."
McWatters also engaged in a broad discussion of industry issues, including member business lending, the examination process, risk-based capital, stress testing and fields of membership.
"I will continue to participate in the type of forums where I can learn from those who have the experience of running a financial institution," McWatters said. "I want to understand what they face on a day-to-day basis and what they need to better serve their members."