ALEXANDRIA, Va. — NCUA Chairman JoAnn Johnson and NASCUS Chairman Linda Jekel signed an updated Document of Cooperation last week, which formalizes the state and federal regulators' continued commitment to cooperatively ensure the safety and soundness of all federally insured, state-chartered credit unions.
NCUA and NASCUS collaborated to update the Document of Cooperation last signed in 1998. The agreement outlines the commitments to provide quality training, recognize and assess emerging and material risks, and work together on prompt corrective action and member business lending proposed regulations. Further, it fosters open communication between state and federal regulators.
"The document solidifies and clarifies the elements, tools and interaction NASCUS and NCUA use day after day to ensure our nation's credit unions remain safe, secure financial institutions, ready and able to serve their millions of members nationwide," Johnson commented.
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"NASCUS and state regulators are pleased that we could sign an updated Document of Cooperation to formally recognize our continued commitment to the safety and soundness of credit unions and consultation between state and federal regulators," Jekel, director of the Washington Division of Credit Unions, said. "This agreement demonstrates the value of a cooperative relationship to the health of federally insured, state-chartered credit unions and to the insurance fund."
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