McWatters to Credit Unions: Engage With the NCUA
NCUA Board Member J. Mark McWatters believes credit union input is critical to helping the agency better regulate the industry, and he made his point once again this week at a Denver meeting of credit union executives and board members from Colorado and Wyoming.
“Listening to the ideas and recommendations of individuals working within the credit union system on a daily basis provides me with invaluable insight on how I may help relieve their regulatory burden and provide greater transparency of the regulatory process at NCUA,” McWatters told participants this week at an event organized by the Mountain West Credit Union Association and hosted by the $269 million Denver Community Credit Union.
“I have called for hearings on the NCUA budget and for the employment of advisory committees to provide the agency with a common-sense perspective of the credit union community,” McWatters added.
McWatters and the credit union leaders discussed areas of much-needed regulatory relief for the credit union system, including member business lending, risk-based capital, supplemental capital, field-of-membership issues, examinations and appeals. He urged his audience to remain focused on the many challenging issues facing the credit union system.
The group also conducted an extended dialogue on the public safety and tax base erosion issues presented by not promptly bringing the cash proceeds generated from cannabis businesses into the financial system. McWatters encouraged NCUA to take the lead in working with the U.S. Justice Department, Treasury, Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency in developing a workable solution to remove the cannabis cash from the streets and into the financial system.
McWatters promised to continue meeting with credit unions across the country in order to achieve a more responsive, efficient, effective and transparent regulatory agency.