WASHINGTON — NCUA Chairwoman Nominee Debbie Matz told lawmakers today that she wouldn't object if credit unions are excluded from the purview of a proposed new agency to regulate consumer financial products.
She said the new agency was needed to centralize regulation of consumer financial products but that the NCUA does a "great job" of regulating financial products that credit unions sell to consumers.
Matz told members of the Senate Banking Committee during at her 23-minute confirmation hearing that she would ensure that the agency's rules contain "appropriate safeguards and sufficient opportunities for credit unions to thrive."
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Acting Chairman Tim Johnson (D-S.D.) called Matz a "very qualified candidate" and praised her as an "honorary South Dakotan" because of her ties to the state, in part because of her friendship with former Senate Majority Leader Tom Daschle.
Johnson read from a 2005 Credit Union Times editorial praising her accomplishments during her previous time on the NCUA board.
The only other senator at the hearing, Richard Shelby (R-Ala.) described Matz as "highly qualified."
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