Matz Urges Changes to Senate Reform Bill
NCUA Chairman Debbie Matz has written senators in support of two changes in the pending regulatory reform measure, the agency said today.
Matz asked for NCUA inclusion as a member of the proposed Financial Stability Oversight Council and also encouraged the Senate to make permanent the $250,000 share insurance coverage limit.
Matz wrote Sen. Susan Collins (R-Maine) on May 5 in support of her amendment to include NCUA as a voting member of the Financial Stability Oversight Council. That council, which would oversee possible resolution of systemically important financial institutions, would also have the authority to evaluate and set aside rules promulgated by the proposed Bureau of Consumer Financial Protection.
Matz said that NCUA membership would "help harmonize the House and Senate bills with respect to oversight" in whatever new consumer protection regime emerges from congressional action.
Matz also wrote Sen. Ben Cardin (D-Md.) on May 10 encouraging a permanent $250,000 level of NCUSIF insurance coverage. That coverage is set to revert back to the $100,000 level on Dec. 31, 2013 unless Congress acts. Matz commented in her letter that such a move by Congress "will go far to ensure confidence in federally insured depository institutions and reduce any confusion on the part of consumers as to the safety of their accounts."