A FICU advisory group for NCUA? Yes, please

(June 25, 2021) In another development during Thursday’s NCUA Board meeting, two members discussed the future of an advisory council from among the credit union system for NCUA – something NASCUS has long supported and called for again in the wake of this week’s meeting.

Board Member Rodney Hood spoke in favor of an advisory group (noting that other federal financial regulators have such councils); NCUA Board Chairman Todd Harper reminded that he supported such a group for NCUA – and other forms of “community outreach” – during Senate confirmation hearings in 2019. However, no decisions were made by the board on any advisory group for NCUA.

NASCUS’ Lucy Ito suggested the agency should consider action soon.

“NASCUS fully agrees with Chairman Harper and Board Member Hood on the value of a credit union advisory body at NCUA,” Ito said. She noted that in April 2017, NASCUS enacted a public policy advocating for the creation of an “NCUA Federally Insured Credit Union Advisory Council.”

“As administrator of the NCUSIF, NCUA should form an advisory council of federally insured credit unions to provide NCUA with advice and guidance on issues related to share insurance regulation and supervision,” Ito said. “Such an advisory council should consist of equal numbers of state chartered and federally chartered credit unions and should convene at least twice annually with the NCUA Board in public meetings.”

NASCUS Public Policies (see item #19, “Creation of an NCUA Federally Insured Credit Union Advisory Council)