Building an International Regulatory Community

A special message from Mary Martha Fortney, President and CEO,
May 2013

NASCUS and several state credit union regulators recently had the privilege of attending the International Credit Union Regulators' Network's (ICURN) Annual Conference & Continuous Education. This event was co-hosted by ICURN, the World Council of Credit Unions and NASCUS. It was inspiring to be surrounded by regulators from emerging to developed financial systems who are committed to the future of safe and sound credit union systems for their countries.

This three-day conference for senior credit union supervisors from around the world gave participants the opportunity to gain a global perspective on regulatory issues and best practices in credit union supervision and to discuss regulatory policy challenges with their international peers.

Regulators from all complexity levels of financial systems shared the challenges facing them. For instance, emerging nations are looking to involve regulated industries in the development of legislation impacting them and they are looking to reaffirm that regulatory actions be anchored in law. Issues facing regulators with developed economies are trained and experienced examination staff as credit unions grow in complexity, cyber security, industry consolidation and effective corporate governance at the board and management level. Of great value to attendees was the heightened awareness of the global regulatory community and that issues facing them locally as credit union regulators are quite similar to those facing regulators around the world.

The third day of the conference was dedicated to an educational session based on NASCUS' renowned accreditation program for credit union examiners in the United States. On this day state credit union regulators Linda Jekel (WA) and Mary Hughes (ID) and I provided a morning session on "Building Strong Agencies" which was an overview of the components needed for creating effective and efficient regulatory agencies. NCUA and WOCCU representatives and state regulators Mary Hughes (ID), Les Thompson (CA), RaAnn Wood (CA), and Orla Beth Peck (UT) provided a half day "Senior Deputy Seminar." During this session, attendees enhanced their knowledge and expertise related to Managing Industry Relationships, Emerging Risks and Supervising Troubled Credit Unions. Earlier in the week CA DFI Commissioner Teveia Barnes addressed examining risk management effectively.

As the world continues to "flatten" particularly within the financial services industries, collaboration among international regulators is essential. The shared experiences and ideas from the international credit union regulatory community enriches the regulatory systems for all participants, and strengthens the international credit union brand.

NASCUS thanks our state regulator members for sharing their knowledge and resources with the international regulatory community.