On-Site Coverage: Matz Cites Losses Prevented By the NCUA
WASHINGTON — Comparing her agency to a police officer that prevents bad drivers from hurting good ones, NCUA Chairman Debbie Matz said the agency’s strong enforcement saved the insurance fund about $1.5 billion.
She said the efforts, including more frequent examination and more use of letters of understanding and agreement, are the “tough part of tough love and don't win any popularity contests.”
But she added, in a speech at the opening session of CUNA's Governmental Affairs Conference, that as a result of those policies, “worst case scenarios became just that: scenarios.”
Matz added that she always knew credit unions were strong, but that the last year has shown that they are resilient.
She also noted that her agency has pushed Congress to approve an increase in the cap on member business loans and the right to raise supplemental capital.