WASHINGTON -- Proposed rules that better regulate risk and limit investment authority for corporate communications and clearer rules about chartering are the top initial priorities during the first months of her tenure, NCUA Chairman Debbie Matz said last week.
In her first speech since taking over the job last month, she told attendees at NAFCU's Congressional Caucus that said the new proposed corporate credit union rules, which will likely be put out for comment later this year, will address some of the concentration of risk issues that weren't dealt with in the 2002 regulations, which she voted against when she was a board member.
She recalled that when she was told last year about the possibility that U.S. Central and Western Corporate Federal Credit Unions might have to be placed into conservatorship, she saw the situation as "shocking, sad and terribly scary." But went on to praise NAFCU's work in conjunction with the NCUA to find a solution.
Matz also said the board would work on proposed regulations to revise the regulations for conversions to a community charter because the current system is too complicated, extensive and time consuming.
"My intent is to develop objective and easy to apply criteria to replace the current burdensome practice of requiring an applicant to submit a narrative document with supporting material," she said.
Matz, who was executive vice president of Andrews Federal Credit Union and held senior positions in the Department of Agriculture, said she had several goals for the NCUA during her tenure.
She wants the NCUA to be recognized as a fair and effective regulator and seen as an advocate of initiatives to protect credit union members from predatory and unsafe financial products. She said another goal is to ensure access to credit unions for all eligible members and listen to and encourage a dialogue with the industry but maintain its independence. She also wants the NCUA to be thought of as a good employer that maintains positive relations with labor representatives and is a model corporate citizen that implements environmentally sound practices when possible.
--cmarx@cutimes.com
In her first speech since taking over the job last month, she told attendees at NAFCU's Congressional Caucus that said the new proposed corporate credit union rules, which will likely be put out for comment later this year, will address some of the concentration of risk issues that weren't dealt with in the 2002 regulations, which she voted against when she was a board member.
She recalled that when she was told last year about the possibility that U.S. Central and Western Corporate Federal Credit Unions might have to be placed into conservatorship, she saw the situation as "shocking, sad and terribly scary." But went on to praise NAFCU's work in conjunction with the NCUA to find a solution.
Matz also said the board would work on proposed regulations to revise the regulations for conversions to a community charter because the current system is too complicated, extensive and time consuming.
"My intent is to develop objective and easy to apply criteria to replace the current burdensome practice of requiring an applicant to submit a narrative document with supporting material," she said.
Matz, who was executive vice president of Andrews Federal Credit Union and held senior positions in the Department of Agriculture, said she had several goals for the NCUA during her tenure.
She wants the NCUA to be recognized as a fair and effective regulator and seen as an advocate of initiatives to protect credit union members from predatory and unsafe financial products. She said another goal is to ensure access to credit unions for all eligible members and listen to and encourage a dialogue with the industry but maintain its independence. She also wants the NCUA to be thought of as a good employer that maintains positive relations with labor representatives and is a model corporate citizen that implements environmentally sound practices when possible.
--cmarx@cutimes.com
