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State, Federal Charters Embrace Friendly Competition: Onsite at GAC

Onsite at GAC, a panel discussion about state and federally chartered credit unions and competition between the two.

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.

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Natasha Chilingerian

Natasha Chilingerian

Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.

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