NASCUS Urges Larger Role for State Regulators in Corporate Regulation
The National Association of State Credit Union Supervisors urged the NCUA to carve out bigger role for state regulators in overseeing of corporate credit unions.
NASCUS made its remarks in a March 5 comment letter on the agency's proposed rule for the corporate credit union system.
Among other topics, NASCUS focused its comments on the benefits of enhanced state regulator involvement in the oversight and supervision of the corporates. The group recommended joint examinations and state regulator access to books and records of federally chartered corporates where state-chartered credit unions have a vested interest.
"Not only would providing this access allow for all regulators to conduct their due diligence with respect to their natural person credit unions' risk exposure, the conducting of joint examinations would materially improve oversight of the corporate system. Conducting joint examinations would be an important step to safeguarding against regulatory complacency," wrote NASCUS. Further, NASCUS recommended cooperation and consultation with state regulators on prompt corrective action issues of the corporates and increased capital standards for the corporate system.