(Aug. 20, 2021) Producing new and updating existing resources that will strengthen the state charter is the aim of new program introduced by NASCUS this week in conjunction with the S3 conference. The association also announced three credit union system organizations have generously contributed to help deliver the program to the state system beginning in 2022.
According to NASCUS’ Lucy Ito, the NASCUS Dual Charter Resource Initiative (DCRI) will support such initiatives as statute modernization in individual states, researching and producing detailed comparisons between the federal and state charters, and producing a curated legislative digest that focuses on select state credit union legislation for strengthening state credit union codes.
The three organizations that have initially pledged to contribute to support the DCRI are CUNA Mutual Group ($150,000), American Share Insurance ($100,000, and PSCU ($20,000). Their contributions total $270,000.
Ito said all three of the initial DCRI partners recognize that a robust dual charter system for the future will assure the continued dynamism of the U.S. credit union system.
The NASCUS leader unveiled the program, and announced the contributions made by the three initial supporters, during the NASCUS president’s report delivered during the association’s annual meeting Tuesday.
“State charter advances benefit the entire credit union system, from state and federal regulators to state and federally chartered credit unions and their members,” Ito said. “It is essential to the system’s vibrancy that we work hand in hand to address the challenges ahead.”
More specifically, Ito said, through the DCRI, NASCUS and contributing partners will, on behalf of a stronger state charter, pursue progressive legislation and regulation, build relationships to foster charter innovation, guard against unnecessary federal pre-emption and expand awareness of options available to state-chartered credit unions.
She said the DCRI will begin development during the coming months and will move into the market early next year. Initiative sponsors will engage with the initiative through a series of financial contributions and program participation, she added.