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News Now

Washington
Corporates rulemaking topics at 1st NCUA town hall
ALEXANDRIA, Va. (9/17/09)--Corporate credit unions, the National Credit Union Administration’s (NCUA) pending rulemaking, and compliance with the Credit Card Accountability, Responsibility and Disclosure (CARD) Act were among the topics discussed during the first of three NCUA town hall meetings held this week near St. Louis, Missouri. NCUA Chairman Deborah Matz commented that while “the credit union industry, and NCUA, have been through a hard year,” she is “hopeful” that the town hall meetings will allow credit union insiders to “look forward.” “Together, we will get through the next year by working hard, talking honestly, and applying our best thinking to the critical issues facing the credit union industry,” she added. According to an NCUA release, the meeting, which was attended by 120 credit union and trade association representatives, featured discussions of corporate liquidity, the NCUA’s Temporary Corporate Share and Loan programs, future corporate capital requirements, corporate competition and governance, and the current and future role of the payment system. Matz, NCUA Board Member Michael Fryzel, and other members of the NCUA’s staff also led discussions detailing potential changes to the corporate credit union regime. NCUA General Counsel Bob Fenner addressed some of the specific actions that are being discussed by the NCUA, including capital requirements, concentration limits, maturity mismatches, corporate management accountability and transparency, and the future structure of the corporate system, the NCUA release said. The town hall meeting also featured discussion of the CARD Act and the possible creation of the Consumer Financial Protection Agency. The NCUA has planned additional town hall meetings in Oxon Hill, Md. And San Diego, Calif.


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