PRESS RELEASE
February 28, 2007
WASHINGTON, DC — NASCUS Chair Linda Jekel underscored the strength of collaboration among regulators, credit unions and system groups to combat today’s complex challenges to Credit Union National Association (CUNA) Government Affairs Conference (GAC) attendees on February 27.
For more than 40 years, NASCUS has represented the interests of state regulators, state-chartered credit unions and the dual chartering system. In her remarks, Jekel, the director of credit unions for Washington state, highlighted NASCUS' efforts to strengthen the supervision of state-chartered credit unions in the face of new issues and an evolving industry.
“NASCUS’ work has become increasingly complex over the years. As credit unions change, regulators work to ensure that credit unions remain viable and competitive,” said Jekel. “Regulators work to provide credit unions with a flexible legal and regulatory framework that enables them to provide a wide array of products and services to their members.”
Jekel remarked that state regulators and state legislatures have long recognized that credit unions must evolve their products and services to meet the needs of members. On the issue of unrelated business income tax (UBIT), Jekel emphasized that the Internal Revenue Service (IRS) must recognize that credit unions are contemporary financial institutions. As a member of the UBIT Steering Committee, NASCUS has been monitoring UBIT issues for more than 10 years.
“The IRS must recognize the modern character of credit unions – institutions that have continued to provide credit and thrift services to their members since 1908,” said Jekel. “This understanding will be critical in the system-wide effort to reach IRS agreement regarding what is related to the business of credit unions.”
In addition to discussion on UBIT, Jekel remarked on the importance of NASCUS’ continuing efforts to educate Congress about the significance of state authority and dual chartering. Moreover, she focused on NASCUS and state regulators ongoing dialogue with the National Credit Union Administration (NCUA) on national policy issues, emerging rulemaking and solutions to the protect safety and soundness of credit unions.
Jekel finished her remarks by reminding the audience that while credit unions and organizations are successful in serving and representing their members, progress toward goals and opportunities are best accomplished through partnerships. “The credit union system thrives most when we all work together, share a table for open discussion and pull together innovative minds,” said Jekel. “Let’s build on our partnerships, tackle the challenges of this year and ensure the continued longevity of credit unions.”
Jekel’s February 27 CUNA GAC remarks can be downloaded here. NASCUS also held its Board and Committee meetings and met with representatives from credit union system groups and federal agencies, including the National Credit Union Administration (NCUA) Board members in conjunction with the 2007 CUNA GAC.
Information
Contact:
Kate Hartig, Director of Communications,
(703) 528-0669 or kate@nascus.org
The
NASCUS mission is to enhance state credit union
supervision and advocate a safe and sound state
credit union system. Founded in 1965, NASCUS
represents all 48 state and territorial credit
union supervisors and the NASCUS Credit Union
Advisory Council, which is made up of more than
500 of the nation's more than 3,400 state-chartered
credit unions.
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