McWatters Outlines His 15-Point Plan for Loosening CU Regulation "Credit News 24"
National Credit Union Administration (NCUA) Acting Chairman J. Mark McWatters discussed his 15-point plan of loosening credit union regulation at the Credit Union National Association's Governmental Affairs Conference in Washington, D.C.Acting Chairman McWatters stated that the goal is "to reduce the regulatory and supervisory burden on the credit union community without threatening the safety and soundness of the National Credit Union Share Insurance Fund."
Addressing credit union fears about a possible premium assessment this year, McWatters stated that it is his top priority in 2018 to merge the Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund) into the National Credit Union Share Insurance Fund (NCUSIF). He stated that such a merger would allow NCUA to minimize or avoid a premium assessment this year and would start a multi-year process of rebating surplus funds from the NCUSIF to federally insured credit unions But before the NCUA Board votes to close the Stabilization Fund, the agency needed to thoroughly research and evaluate accounting, legal, and financial issues.
Another elements of his plan would include revisiting the agency's controversial risk-based net worth regulation and other needlessly burdensome rules.
McWatters also stated that the agency would abolish its examination reliance on “best practices,” which lack statutory or regulatory support.
He called on the agency to develop an improved appeals process for examinations and other matters of controversy. In addition, NCUA needs to create a credit union advisory council in order for the agency to hear and learn from credit unions.
The agency should require all merger solicitation documents to provide, without limitation, a discussion of any change-in-control payments and other management compensation awards and agreements, and that such disclosures are written in plain language and delivered to voting members in a reasonable time prior to the scheduled merger vote.
He further stated that NCUA would support updating the Federal Credit Union Act to foster credit union opportunity and growth.
Read McWatters' speech.
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