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."
She also promised that if she is returned to the NCUA Board she would place a strong emphasis on consumer protection and help credit unions promote financial education and reach out to as many consumers as possible.
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Matz, who also served as an executive at Andrews Federal Credit Union and was a senior executive at the U.S. Department of Agriculture, was nominated by President Obama in May. If confirmed, she would succeed NCUA Chairman Michael E. Fryzel, who will remain on the board as a member. She would take the board seat currently held by NCUA Vice Chairman Rodney Hood, whose term expired in April.
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