(Oct. 1, 2021) Noting Harper’s comments about changes to the NCUA Board, NASCUS President and CEO said mandating that at least one board member have state credit union regulatory experience should be part of the conversation. “A board member who has served as a state credit union regulator would ensure that the state perspective is considered in the board’s deliberations, establishing diversity of voices and better fostering a robust dual charter system,” she said. “State-chartered credit unions now represent more than 50% of all credit union assets nationwide. Most state-chartered credit unions are federally insured. Without at least one board member with state credit union regulatory experience, NCUA has on occasion been prone to a federal credit union bias as the chartering body for federal credit unions.”
On third-party vendor authority, Ito reiterated NASCUS’ support for it, as long as NCUA relies on state exams for technology services providers where the authority exists. Further, she said, NASCUS supports efforts to strengthen state regulatory exam and supervision of third parties providing services to state-chartered credit unions.