FOR IMMEDIATE RELEASE
August 14, 2019
STATE REGULATORS AND NCUA SIGN COOPERATION AGREEMENT AT NASCUS SUMMIT
San Francisco, Calif. – At this week’s 2019 NASCUS State System Summit, NASCUS Regulator Board Chairman John Kolhoff, on behalf of the NASCUS state credit union regulator members, and NCUA Board Chairman Rodney Hood signed a Document of Cooperation for the stated purposes of “ensuring the safety and soundness of the credit union system, fostering an environment of innovation, prosperity, and success for all system stakeholders, and maintaining a strong cooperative relationship between the state regulatory system and the NCUA.” NASCUS and NCUA last signed a Document of Cooperation 12 years ago in 2007.
The newly signed document is the result of extensive work by the NCUA-State Supervisor Working Group, which has been working on several projects related to shared supervision. Representing the state system in this effort were John Kolhoff (Texas), Steve Pleger (Georgia), Kim Santos (Wisconsin), Katie Averill (Iowa), Dudley Gilbert (Oklahoma), Anthony Rogers (Tennessee), Lucy Ito, NASCUS President and CEO and Brian Knight, NASCUS Executive Vice President and General Counsel.
“The Document of Cooperation is a recommitment to the principles of partnership and cooperation between NCUA, state credit union regulators and NASCUS,” said John Kolhoff, NASCUS Regulator Board Chairman and Commissioner of the Texas Credit Union Department. “A strong relationship between state and federal regulatory agencies will both increase the efficiency and effectiveness of the supervisory programs and foster a healthier regulatory environment for credit unions.”
“We appreciate Chairman Hood and NCUA publicly committing to engage with state regulators and NASCUS,” said NASCUS President and CEO Lucy Ito. “ While the Document of Cooperation recognizes the distinct roles that state regulators and NCUA have in supervising credit unions, it acknowledges, what we at NASCUS have always known – cooperation among state regulators and NCUA is critical to bolster a robust dual charter framework that benefits consumers and the broader credit union system.”
Shelton Roulhac, Vice President, Communications, email@example.com 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.