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News Now

Washington
Inside Washington (01/14/2013)
  • WASHINGTON (1/14/13)--National Association of State Credit Union Supervisors President/CEO Mary Martha Fortney said the National Credit Union Administration's final rule on the definition of "trouble condition" was "an improvement" on the originally proposed rule. "We appreciate that the NCUA listened to NASCUS state regulators and made it clear in the rule that NCUA may only declare a state credit union 'troubled' after an on-site examination and following consultation with the state regulator before making its determination," said Fortney. NASCUS questioned the need for a change to a rule that it said worked in most cases. NASCUS specifically stressed the possibility that with the change federally insured state-chartered credit unions face the prospect of being classified as "troubled" by NCUA without the agency having been at the credit union to become familiar with the institution. The Credit Union National Association is concerned that the change could have an adverse impact on the dual charter system (News Now Jan. 11). "The dual chartering is significant and worthy of being preserved because it facilitates credit union growth and member service by allowing a credit union to determine which regulators, state or federal, facilitate its operations better," said CUNA President/CEO Bill Cheney Thursday.…
  • WASHINGTON (1/14/13)--Sen. Jay Rockefeller (D-W.Va.) on Friday announced he will not seek re-election when his term ends in 2014. Rockefeller, a 30-year Senate veteran, said serving West Virginia in the U.S. Senate "is an abiding honor and privilege." The senator will continue to serve on the Senate Finance Committee, and Rockefeller said he would be a participant in tax and pension reform discussions …


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