State, Federal Charters Embrace Friendly Competition: Onsite at GAC

From left to right: Michigan Credit Union League President and COO Ken Ross, NASCUS Vice President, Legislative and Regulatory Counsel Nichole Seabron, Michigan Department of Insurance & Financial Services Patrick McPharlin, Rivermark Community Credit Union President/CEO Scott Burgess and CUNA Director of Advocacy Shelton Roulhac.

WASHINGTON – While credit unions have the freedom to choose between a federal and state charter, regulators at the federal and state levels enjoy a competitive yet cooperative relationship, according to speakers in a breakout session, “Joined at the Hip: Federal and State Charter Interdependence,” at CUNA’s GAC Monday.

Nichole Seabron, vice president, legislative and regulatory counsel for NASCUS, said her organization engages often with federal agencies including the NCUA and CFPB to make them aware of the smaller, state-chartered credit unions’ needs. “We engage with the NCUA most often, because we have a joint goal of credit unions surviving and thriving,” she said. “We’ve had some points of contention, but overall the relationship is cooperative.” She later added that since credit unions also compete with banks, it’s most conducive for federally- and state-chartered credit unions to grow as one group.