Texas credit unions are getting online help from NCUA Chairman Deborah Matz in how to write comment letters to the agency.
The Texas Credit Union League said it arranged with the NCUA head to assist CU managers on the writing chore via an exclusive Web video after finding industry misunderstanding and resistance to the comment process
Many CEOs, it turned out, found the letter-writing procedure intimidating or did not fully understand correct steps, the league said.
“The league has been on a mission to increase the number of comment letters written from credit unions to regulators and over the last three years … has launched major efforts on everything from Reg. Z to interchange,” said a league release. With broader input from CUs, “NCUA can write final rules that avoid unintended consequences and impose the least possible burdens.”
The more credit unions understand how the process works, “the better positioned they are to provide feedback to NCUA,” said the league.
The league said the five-minute video was produced last month in Matz’s offices and is a follow-up to a recent webinar it hosted on comment letter writing.
”Chairman Matz offered to do the brief video from the NCUA’s perspective,” said the league noting the video covers basic writing tips “as well as guidance on what elements are of particular concern” to the agency.
“We appreciate the chair’s willingness to give her time to this effort,” said Buddy Gill, chief advocacy officer for TCUL. “We all recognize that following Dodd-Frank, a tremendous amount of attention will be required on the regulatory advocacy part of the equation. The more comfortable credit unions are reaching out during the comment call process, the more likely we are to achieve our mutual goal of assuring safety and soundness while continuing to be effective in serving our members.”