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June 30, 2008 - NASCUS Chairman George Reynolds (GA), Chairman-elect Tom Candon (VT) and Board member Jerrie Lattimore (NC) shared a message about the strength and quality of the state regulatory system during visits to Capitol Hill and the U.S. Treasury Department last week.
On June 26, their day on the Hill began with the counsel from the Senate Banking, Housing and Urban Affairs Committee. They discussed the significance of state regulatory oversight. They shared that for the most part, credit unions were not involved in the subprime real estate market; however, they noted that in some cases, credit unions are helping people refinance unaffordable loans.
They continued their visits with Senator Bernie Sanders (I, Vt.) and Elizabeth Dole (R, N.C.). They had the opportunity to discuss the NASCUS Accreditation Program and the NASCUS Examiner Certification Program, explaining the significance of the programs and how they work in tandem to provide quality state supervision.
The NASCUS Board Members spent that afternoon in the House of Representatives, first visiting with Rep. Brad Miller (D, N.C.) and then with Rep. Tom Price (R, Ga.). They had the chance to discuss the importance of the state regulatory system and why the U.S. Treasury Department’s Blueprint for a Modernized Financial Regulatory Structure disrupts state regulatory oversight and minimizes consumer protection.
The agenda culminated on June 27 with meetings at the National Credit Union Administration (NCUA) and the U.S. Treasury Department. The meeting with the NCUA highlighted the importance of ongoing regulator-to- regulator dialogue about current issues among state and federal regulators. The discussion at the Treasury centered on capital reform and the strength of the state regulatory system and how the NASCUS Accreditation and Examiner Certification Programs contribute to strong state regulatory oversight.
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