Navigating the New Year: NASCUS Priorities and the New Congress

A special message from Mary Martha Fortney, President and CEO,
December 22, 2010

As 2010 wraps up, NASCUS is planning for the New Year and assessing the legislative and regulatory landscape for state regulators and state-chartered credit unions.

On the legislative front, the midterm elections had a significant impact on the make-up of the incoming 112th Congress. Republicans gained the majority in the U.S. House of Representatives, bringing a lot of new faces to Washington along with a new agenda. With the Republican majority comes a new Chairman of the House Financial Services Committee (HFSC), Rep. Spencer Bachus (R-AL).

Rep. Barney Frank (D-MA) will serve as the Minority Ranking Member. Also, the combination of a Republican majority and Democratic losses on Nov. 2 means that the House FS Committee will have new members. The election was not as impactful on the Senate Banking Committee; however, with Sen. Chris Dodd’s retirement at the end of this year, Sen. Tim Johnson (D-SD) will become Chairman.

The two Committees are expected to focus on housing issues, as well as implementation of the Dodd-Frank Act. We will monitor this activity closely as well as continue our efforts to achieve supplemental capital for credit unions. Further, NASCUS will educate new and tenured legislators about the state credit union system and the importance of autonomy for state regulators. NASCUS intends to work with its regulatory and credit union system partners on legislative areas of common interest as the 112th Congress gets underway.

The regulatory front will also remain busy for 2011. The registration phase of the S.A.F.E. Act for depository institution mortgage loan originators (MLOs) will begin in early 2011. NASCUS will continue its work with the National Credit Union Administration on corporate credit union rulemaking and oversight, as well as other regulatory and supervisory issues, including member business lending. Further in 2011, we expect implementation and rulemaking from the Dodd-Frank Act.

In addition, NASCUS remains focused on its state agency accreditation program and on providing education to state examiners and state-chartered credit unions. We are committed to keeping our online education offerings fresh and timely through our webinars and the NASCUS Online University for state examiners. We will continue to encourage state agencies to partner with us on the education they need for their states through NASCUS’ onsite schools. Our annual conference, the State System Summit, is scheduled for Sept. 14-16, 2011 in Chicago, Illinois. We encourage you to “Save the Date” for the 2011 Summit, the only annual gathering of the state credit union system.

As 2011 approaches, I want to again express my appreciation for NASCUS member support of our advocacy for the state credit union system. Your support allows us to be successful with our legislative advocacy, regulatory analysis and educational delivery for state regulators and state-chartered credit unions. We look forward to another successful year at NASCUS.