Matz Says No Free Passes for CU Compliance: Onsite Coverage
WASHINGTON — As a former vice president in charge of operations and compliance for a natural person credit union, NCUA Chairman Debbie Matz said she knows what it feels like to be regulated.
The NCUA’s goal is to reduce compliance burdens whenever possible, Matz told a general assembly audience Monday morning at CUNA's GAC at the Washington Convention Center.
“However, we’ve all seen the unthinkable happen. We’ve seen credit unions that were shining stars 10 years ago that no longer exist today,” Matz said. “That’s why we can’t give credit unions a free pass when it comes to safety and soundness.”
Credit unions must also improve technology and provide the products and services consumers demand, she said, or the financial cooperatives could become obsolete, like beta video tapes. Strategic planning is essential for credit unions if they wish to remain relevant, Matz said.
“Some things might make our heads hurt just thinking about it,” she said, referring to new technologies, “but they’re the things consumers embrace.”