WASHINGTON — NCUA Chairman Debbie Matz and NASCUS Chairman Thomas Candon told lawmakers today that any effort to consolidate banking regulators should keep NCUA separate and independent.
During answers to questions from the Senate Banking Committee's Subcommittee on Financial Institutions, both said the administration's plan should remain unchanged with regards to NCUA. The other regulators at the hearing mostly agreed that keeping all the regulators intact was good public policy.
"You lose some expertise, which can help ensure safety and soundness," said Federal Reserve Governor Daniel Tarullo.
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Conference of State Bank Supervisors Chairman Joseph Smith said they opposed consolidation "from our head to our toes."
In response to a question from Subcommittee Chairman Tim Johnson (D-S.D.), Matz said the proposed rules on corporate credit unions her agency plans to issue next month will set limits on the types of securities they can invest in and would propose new governance rules.
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