BOSTON-NCUA Vice Chairman Rodney Hood told a group of 50 Massachusetts credit union CEOs in Boston that regulatory flexibility is a top priority for 2006. He explained to the Massachusetts Credit Union League's CEO Roundtable that the recent final rule would bring another 413 federal credit unions under RegFlex by instating a qualifying net worth standard of 7% rather than 9% for earned regulatory flexibility. "This rule demonstrates the Board's belief that the agency should not micro-manage, well-managed institutions," Hood said. "This year, I will look for ways to reduce unnecessary regulatory burdens on credit unions." He also discussed strengthening the federal credit union charter to permit "credit unions to serve the underserved and facilitate credit union service for communities as allowed under the regulatory and statutory authority. "Credit unions have a choice of charter," Hood stressed. "During my term, I will strive to strengthen the federal charter and support rules that make the federal charter attractive and viable for the nation's credit unions." Additionally, the vice chairman encouraged public comment on the proposals pending before the board. "Your comments are vital in consideration of proposed rules. It is important that we consider all comments regarding regulations proposed before the Board."
From the March-22, 2006 issue of Credit Union Times Magazine • Subscribe!
Regulatory Flexibility a Top Priority for NCUA Vice Chairman
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
Resource Center
View All »
A Path Chosen Prudently
In today's complicated credit card landscape, choosing the correct path between self-issuance or agent banking...
Winning the War on Cybercrime: The Four Keys to Holistic...
This white paper examines the importance of adapting to changes in fraud attacks without significant...
FFIEC Proposed Guidance on Social Media and How it Affects...
To learn how you and your institution can stay compliant with the new proposed FFIEC...
The Rise of "Mobile Commerce" and How it Affects YOU!
Could plastic cards become a thing of the past? This white paper explains what constitutes...
Key Indicators of High Performing Credit Unions
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
