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

October 24, 2019

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

ARLINGTON, Va. – Today, the NCUA Board approved a final rule on public unit and nonmember shares and provided notice of rulemaking on chartering and field of membership. The board also heard a briefing on cybersecurity.

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

On the final rule on public unit and nonmember shares:

“State regulators are prepared to work closely with NCUA to supervise the increased non-member shares public unit deposits in a safe and sound manner. We commend NCUA’s efforts to provide federally insured credit unions with greater flexibility to manage funding. Raising the limit for public unit and non-member deposits enhances credit union liquidity options and allows credit unions accepting these deposits to preserve other lines of credit. We are particularly pleased that NCUA heeded our call to retain the regulatory limit on public unit and non-member shares of $3 million in addition to the newly approved 50 percent limit of paid-in and unimpaired capital and surplus.”

On the proposed rule on Chartering and Field of Membership:

“While the proposed rule only applies to federally chartered credit unions, NASCUS appreciates NCUA’s efforts to strengthen the Federal charter by widening access to financial services for members of modest means and providing greater choice and flexibility for consumers and federal credit unions. We have long held that a competitive Federal charter is essential for a strong dual charter system, that benefits all credit unions – both state and federal.”

On the Cybersecurity Briefing:

“NASCUS shares NCUA’s cybersecurity concerns and applauds the agency’s commitment to strengthening its cybersecurity examination program and to providing resources to credit unions to improve ‘operational hygiene and resilience.’ Combatting cybersecurity threats necessitates a collaborative state-federal effort, thus it is imperative that state examiners have equal access to NCUA’s cybersecurity examination trainings. NASCUS stands ready to facilitate the sharing of critical cyber information and training materials between NCUA and state supervisory agencies.”

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.