ARLINGTON, Va. – With the clock continuing to tick to the Sept. 1 deadline when NASCUS and state regulators are required to provide the House Ways and Means Committee with specified information on state chartered credit unions, the association continues to hold regular teleconferences with state regulators to give them updates, answer questions and discuss their concerns, as well as continue to brief committee staffers on the association's progress.
NASCUS' most recent teleconference with state regulators was held June 5. President/CEO Mary Martha Fortney said the association has been communicating with the state agencies over the past two months to ascertain if they can participate-some states' laws might not allow the sharing of information with the committee-if not, why and what additional information they need from NASCUS.
Fortney said NASCUS and the appointed four-person task force are on their third iteration of revising the questionnaire which she stressed will be different from the one NCUA put together to collect the data on federal credit unions because state regulators are being asked for some different information on state-chartered credit unions such as data concerning CUSOs, Unrelated Business Income Tax and IRS 990 forms concerning executive compensation.
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Fortney said NASCUS and the task force are working to finalize the questions that will be included in their questionnaire and expect to have that completed by the end of June.
Also by that time there will be software available to state regulators to collect the data. Fortney said state agencies will either use CRA Wiz or Fair Lending Wiz software that will be customized for the state regulators to use.
Another aspect of the data collection that has to be determined is how many state credit unions there will be in the sample-Fortney said that information will come from the state regulators and will be based on which ones can participate in the data collection. She said state agencies have asked NASCUS if there's any template for a confidentiality agreement that all information they provide will be used for the committee's expressed purposes only.
Fortney also recently briefed House Ways and Means Committee staff on the progress of the association's teleconferences with state regulators and the work being done on the question. She said the staffers asked NASCUS to give them formal status report in writing.
"The committee staff is please to see how we're progressing. We told them NASCUS is hoping to have the questionnaire completed by the end of June and begin the process in early July," she said.
Fortney emphasizes, "The state system report we deliver to the committee will be different than the federal system report because of the different questions state regulators are being asked to respond to. The federal system is one system, and the state system is 47 diverse systems so there may be as many as 47 addenda to our report.
"This will be an opportunity to help Congress understand dual chartering," the NASCUS president added. [email protected]
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