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NCUA Chairwoman Designate Debbie Matz promised lawmakers today she would ensure the agency issues rules that provide “appropriate safeguards and sufficient opportunities for credit unions to thrive.”

Matz told members of the Senate Banking Committee during her confirmation hearing that the problems facing corporate credit unions could have been mitigated with stronger regulation. She noted that when she last served on the NCUA board from 2002-2005, she voted against the last major corporate credit unions because “the investment authority being granted was overly broad and permissive, particularly in light of the complexity of the financial instruments that were available to the corporates.”

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