WASHINGTON — Congressman Patrick McHenry (R-N.C.) was well received this year at NAFCU's Congressional Caucus after a tumultuous first year in credit union matters, namely conversions to mutual savings banks.
"Thanks for having me back. I'm glad to be here to tell the tale," the freshman congressman quipped in opening his remarks. He noted that his bill to curb NCUA's authority over the disclosures in the mutual savings bank conversion process was unpopular among credit unions, but after getting the issues on the table, working with the industry and the regulatory agency, things were worked out and he has decided not to pursue the legislation at this point.
"We have NCUA with new leadership, a new board, a wonderful board I might add," McHenry said.
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On that note, he added that he would be interested in taking a look at the statutory requirement that limits just one person from the credit union industry to serving on the NCUA Board. "I want to make sure moving forward that we have competent people on the board. Anyone on the board should be experienced and knowledgeable," he said.
When asked if competency had been an issue in the past, he declined to comment but noted that NCUA Vice Chairman Rodney Hood, a former North Carolina banker, and Board Member Gigi Hyland, an attorney within the credit union movement, were "great additions" to the board.
He added, "We want to ensure we have someone on the board who understands financial institutions. That is important."
McHenry also said that the current regulatory relief bill will not be enough and Congress should continue to look to remove outdated and unnecessary regulatory burdens. "I think we could do a regulatory relief bill every year and it still wouldn't be enough," he stated. –[email protected]
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