WASHINGTON — NCUA and NASCUS have shown their distinct differences pertaining to the structure of the federal deposit insurance system in comment letters to Treasury on the reconfiguring of the financial services regulators.
"NCUA has a successful record of regulating federal credit unions charters and also serving as insurer," NCUA Chairman JoAnn Johnson wrote in the agency's letter.
However, NASCUS reiterated its wish that "the responsibilities of the insurer and the primary regulator should be separate, distinct, and well defined," similar to the FDIC. "NASCUS believes that this structure limits conflicts of interest between the regulator and the insurer and allows an insurer to be independent," NASCUS Executive Vice President of Government Relations Sandra Troutman wrote.
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