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Washington
Matz addresses FFIEC rate risk in interview
ALEXANDRIA, Va. (4/25/11)—National Credit Union Administration (NCUA) Chairman Debbie Matz last week said she will work to restore “the responsibility and accountability in our financial system” during her term as leader of the Federal Financial Institutions Examination Council. Matz in an interview with CU Broadcast added that she is “honored to serve and establish the credit union industry as a larger part of the overall big picture of the financial industry.” Matz added that she has already “initiated discussions with the different sub-committees on how the FFIEC will address the many challenges now facing consumers and the financial services industry.” The NCUA Chairman took charge of the FFIEC, which promotes uniformity in financial institution regulation, on March 4. She is the first credit union representative to lead the group in over 20 years. The agency’s interest rate risk proposal was also discussed during the interview. The proposal, which was released last month and is open for comment until May 23, would require credit unions to develop a written policy on interest rate risk and to create their own interest rate risk management programs. The NCUA leader said that credit unions must establish these interest rate risk policies “to remain profitable.” “It’s extremely important credit unions remain proactive about interest rates right now because eventually interest rates will rise from today’s historic lows,” she added. Matz also addressed the agency’s NCUA-Safe public awareness campaign, the recently announced financial literacy grants, and the launch of its MyCreditUnion.gov website. For more on the interview, use the resource link.
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