NASCUS’s Credit Union and Regulator Engagement (CURE) meeting is an open forum for credit unions with $4 to $10 billion in assets to collaborate with state regulators and industry experts on issues facing the state system.
This two-day virtual meeting will take place on
- Monday, November 28, 2022: 1:00 – 3:30 pm
- Tuesday, November 29, 2022: 1:00 – 4:00 pm
*All times are EST.
This meeting is a peer-based exchange of ideas, perspectives, and best practices around topics such as
- Internal controls and fraud trends
- State and federal perspectives on the future of regulation and supervision, with the NCUA
- Litigation trends
- Upcoming issues and priorities
- Roundtable discussions and more
The CURE is a collaborative event sponsored by the NASCUS Dual Charter Resources Initiative (DCRI). The DCRI is a partnership between the state system and key organizations within the credit union system committed to strengthening the state credit union charter by pursuing progressive legislation and regulation, building relationships to foster charter innovation, guarding against unnecessary federal pre-emption and expanding awareness of options available to state-chartered credit unions.
NASCUS’s Credit Union and Regulator Engagement (CURE) meeting is an open forum for credit unions with $4 to $10 billion in assets to collaborate with state regulators and industry experts on issues facing the state system.
This two-day virtual meeting will take place on
- Monday, November 28, 2022: 1:00 – 3:30 pm
- Tuesday, November 29, 2022: 1:00 – 4:00 pm
*All times are EST.
This meeting is a peer-based exchange of ideas, perspectives, and best practices around topics such as
- Internal controls and fraud trends
- State and federal perspectives on the future of regulation and supervision, with the NCUA
- Litigation trends
- Upcoming issues and priorities
- Roundtable discussions and more
The CURE is a collaborative event sponsored by the NASCUS Dual Charter Resources Initiative (DCRI). The DCRI is a partnership between the state system and key organizations within the credit union system committed to strengthening the state credit union charter by pursuing progressive legislation and regulation, building relationships to foster charter innovation, guarding against unnecessary federal pre-emption and expanding awareness of options available to state-chartered credit unions.
(Clockwise from top left) Moderator George Hofheimer (Hofheimer Strategy Advisors), left, NASCUS President and CEO Lucy Ito and NASCUS EVP and General Counsel Brian Knight take in the Exchange discussion; Mike Williams, CEO of Colorado CU and chairman of the NASCUS Credit Union Advisory Council, enjoys the discourse; Participants are both face-to-face in Phoenix, and by virtual means.
(Nov. 5, 2021) Payment preferences, “buy-now-pay-later,” field of membership (FOM) barriers and more were all on the table at the meeting of CEOs of very large credit unions with state regulators held this week in Phoenix, sponsored by NASCUS.
The discussion was held at the two-day 2021 Exchange, an invitation-only event for regulators and leaders from credit unions with more than $10 billion in assets. The event is sponsored by NASCUS through the Dual Charter Resource Initiative (DCRI). The DCRI is a partnership, fostered by NASCUS, between the state system and key organizations within the credit union system at large. The program is committed to strengthening the state credit union charter by pursuing progressive legislation and regulation, building relationships to foster charter innovation, guarding against unnecessary federal pre-emption and expanding awareness of options available to state-chartered credit unions
Among the topics discussed by the participants were:
- Consumer behaviors with payment alternatives Venmo and PayPal and the growing tendency for Millennials and Gen Z to use their primary financial institutions as “paycheck motels” before transferring funds to a third-party payment app.
- Exploring alternative short-term loan options through “buy-now-pay-later” arrangements through payment alternatives that break payments into small installments to thwart high-interest short-term lending.
- Growing social acceptability of crypto currency as a primary payment method (particularly in Miami, Fla.) and associated risks.
- FOM barriers with digital banking and disruptions to traditional banking models.
Credit union CEOs participating included: Benson Porter, Boeing Employees’ Credit Union (BECU); Mike Ryan, Boeing Employees’ Credit Union (BECU); Mike Williams, Colorado Credit Union (and NASCUS Credit Union Advisory Council chairman); Mary McDuffie, Navy Federal Credit Union; Emily Troncoso, Navy Federal Credit Union; Bill Cheney, SchoolsFirst FCU; Gary Rodrigues, Star One Credit Union; and Brian Wolfburg, Vystar Credit Union.
State regulators participating were: Joni Kimbrell, California Department of Business Oversight; Ben Brinkley, Florida Office of Financial Regulation; Steve Pleger, Georgia Department of Banking & Finance (and NASCUS Regulator board member); Francisco Menchaca, Illinois Department of Financial & Professional Regulation; Charles Vice, Kentucky Department of Financial Institutions (and NASCUS Regulator board member); Melanie Hall, Montana Department of Administration; and Rose Conner, North Carolina Credit Union Division, (and NASCUS Regulator Board Chairman).
(Oct. 1, 2021) Payments systems, digital currencies, transition by large credit unions to specialized oversight by NCUA, the evolution of mortgage servicing in the wake of the Great Recession, and climate change were all topics for discussion between larger credit unions and state regulators at the first Credit Union and Regulator Engagement (CURE) event this week.
Sponsored by NASCUS and made possible, in part, by the Dual Charter Resource Initiative (DCRI), the inaugural CURE event brought together 28 credit union leaders, regulators and others from several states (including California, Iowa, Illinois, New York, North Carolina, Oregon, Washington and Wisconsin).
Participants attend by invitation only; leaders of state-chartered credit unions with assets of $4 billion – $10 billion are eligible to be invited.
Speakers at the inaugural CURE event included: Dr. Nina Chen, New York State Department of Financial Services director of sustainability and climate initiatives; Chuck Cross, CSBS SVP of nonbank supervision and enforcement section; Diana Dykstra California/Nevada Credit Union Leagues president and CEO; Dan Gonzalez, Federal Reserve Bank of Chicago vice president; Scott Hunt, director, NCUA Office of National Examinations and Supervision (ONES); Sharmynn Powell, Eastern Caribbean Central Bank chief risk officer; Meredith Ritchie, Alliant Credit Union SVP, general counsel and chief ethics and government affairs officer, and and Ken Schaafsma, Alliant Credit Union chief risk officer.
“The group was highly engaged in the topics at hand, as well as with each other,” said NASCUS’ Ito. “It was terrific to see differing points of view being brought to the table to better the industry.”
She said, for example, the group worked together to consider potential issues associated with climate change as a safety and soundness issue for credit unions. That included the very real threats of fires, floods, sea-level rise, and environmental catastrophes, and the effect of those events on future access to insurance and lending decisions. Also compelling, Ito said, were views expressed on the challenges of quantifying risk related to climate change, exercising proportionality in imposing reporting requirements on smaller financial institutions versus international banking entities, and reaching uniform standards between federal and state programs. “There was a common theme of ‘stronger together’ consistent with each discussion,” Ito said.
CURE is one of the initiatives sponsored by NASCUS and the DCRI, a partnership between the state system and key organizations within the credit union system at large committed to strengthening the state credit union charter by pursuing progressive legislation and regulation, building relationships to foster charter innovation, guarding against unnecessary federal pre-emption and expanding awareness of options available to state-chartered credit unions.
The next NASCUS/DCRI-sponsored event is the Exchange, Nov. 1-2 in Phoenix (an invitation-only event for regulators and leaders from credit unions with more than $10 billion in assets).
LINK:
NASCUS Launches Dual Charter Resource Initiative
(Sept. 24, 2021) Two key events from NASCUS aimed at supporting and building the credit union dual chartering system are coming up over the next several weeks, part of the association’s overall commitment to the state and federal oversight of the credit union system.
Both events, part of NASCUS’ Dual Charter Resource Initiative (DCRI), are by invitation only.
The Credit Union and Regulator Engagement (CURE) is set for next week (Sept. 29-30). A virtual event, it brings together leaders from credit unions with between $4 billion to $10 billion with state regulators from across the country to focus on topics now affecting the credit union system. Among the topics on the agenda are: central bank digital currencies (CBDCs), climate change considerations for the credit union system, the evolution of the mortgage market from the Great Recession (beginning in 2007) to the current COVID-19 era, and the regulatory and supervisory transitions credit unions face as they cross the $10 billion threshold that defines supervision under NCUA’s Office of National Examinations and Supervision (ONES).
The second event, the Exchange, is set for Nov. 1-2, and will be held in Phoenix at the Crowne Plaza hotel. Invitees are leaders of credit unions with more than $10 billion in assets, as well as state regulators. The agenda includes discussion about growing cybersecurity and ransomware risks, interstate operations, and threats to the state and federal credit union charter as the charter of choice amid new entrants in the U.S. payments system, including BigTech and fintechs.
The DCRI is a sponsorship opportunity for those who value a vibrant and robust dual charter system. DCRI sponsors engage with the initiative through a series of financial contributions and select events. Support is solicited on three levels, Champions, Leaders, and Partners. For more information, including on invitations, see the links below.
LINKS:
Credit Union & Regulator Engagement (CURE) Virtual Event
(Aug. 20, 2021) Producing new and updating existing resources that will strengthen the state charter is the aim of new program introduced by NASCUS this week in conjunction with the S3 conference. The association also announced three credit union system organizations have generously contributed to help deliver the program to the state system beginning in 2022.
According to NASCUS’ Lucy Ito, the NASCUS Dual Charter Resource Initiative (DCRI) will support such initiatives as statute modernization in individual states, researching and producing detailed comparisons between the federal and state charters, and producing a curated legislative digest that focuses on select state credit union legislation for strengthening state credit union codes.
The three organizations that have initially pledged to contribute to support the DCRI are CUNA Mutual Group ($150,000), American Share Insurance ($100,000, and PSCU ($20,000). Their contributions total $270,000.
Ito said all three of the initial DCRI partners recognize that a robust dual charter system for the future will assure the continued dynamism of the U.S. credit union system.
The NASCUS leader unveiled the program, and announced the contributions made by the three initial supporters, during the NASCUS president’s report delivered during the association’s annual meeting Tuesday.
“State charter advances benefit the entire credit union system, from state and federal regulators to state and federally chartered credit unions and their members,” Ito said. “It is essential to the system’s vibrancy that we work hand in hand to address the challenges ahead.”
More specifically, Ito said, through the DCRI, NASCUS and contributing partners will, on behalf of a stronger state charter, pursue progressive legislation and regulation, build relationships to foster charter innovation, guard against unnecessary federal pre-emption and expand awareness of options available to state-chartered credit unions.
She said the DCRI will begin development during the coming months and will move into the market early next year. Initiative sponsors will engage with the initiative through a series of financial contributions and program participation, she added.
LINK: