NASCUS PRESIDENT & CEO LUCY ITO ON THE JUNE NCUA BOARD MEETING

For Immediate Release

June 25, 2020

NASCUS PRESIDENT & CEO LUCY ITO ON THE JUNE NCUA BOARD MEETING

ARLINGTON, Va. – Today, the NCUA Board held another public meeting via live audio webcast due to the COVID-19 pandemic. At the meeting, Chairman Hood announced the Agency will delay phase one of its transition to on-site operations, which could have begun as early as July 6, 2020.

The Board was also briefed on Minority Depository Institutions and the NCUA Guaranteed Notes Oversight Program. The Board issued a request for information on offsite examination and supervision as well.

NASCUS President and CEO Lucy Ito issued the following statements in response to today’s meeting.

On NCUA’s delay of phase one of its transition to on-site operations:

“We appreciate NCUA’s delay of phase one of its transition to on-site operations as it recognizes recent spikes in the coronavirus across the country and gives NCUA and State Supervisory Agencies the opportunity to coordinate the resumption of on-site joint examinations of federally insured state-chartered credit unions.”

On the NCUA Guaranteed Notes Oversight Program:

“We commend NCUA for the transparent and prudent manner in which it is distributing funds to Southwest capital holders. The agency was also very clear in describing the process it will undertake to determine additional future interim distributions.”

On the request for information on “Strategies for Future Examination and Supervision Utilizing Digital Technology”:

“NASCUS and the State System look forward to engaging in the request for information process regarding offsite examinations and supervision. We appreciate the Board providing the State System with the opportunity to offer feedback on this issue. Since both NCUA and State Supervisory Agencies examine federally insured state-chartered credit unions, collaboration is essential.”

Information Contact:

Shelton Roulhac, Vice President, Communications, sroulhac@nascus.org  or (703) 528-5974

NASCUS is the national association that advocates for a strong and healthy state credit union system, and whose members include state regulatory agencies, credit unions, credit union leagues, and organizations that support the state credit union system.