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NASCUS Keep CU reg independence
WASHINGTON (6/30/09)--The National Association of State Credit Union Supervisors (NASCUS) has asked Congress and the Obama administration to ensure that the dual charter credit union system, which “provides diversity, competition and innovation in the credit union regulatory structure,” is maintained under the pending restructured financial regulatory regime. While NASCUS President/CEO Mary Martha Fortney praised the Obama administration for recognizing the value of dual chartering, the importance of state-level consumer protection and the need for a separate credit union regulator, NASCUS in a press release offered a series of core principles that it said should be followed during the coming regulatory debate. The first of these principles is the recognition and affirmation of the “distinct roles” of “a state chartering authority and a share deposit insurer.” Cooperation between state and federal regulators and share deposit insurance systems should also be affirmed, NASCUS said. Legislators should also ensure that states and state credit union regulators maintain their supervisory and regulatory authority over state-chartered credit unions, and consumer protection statutes and regulations should be allowed to be created, implemented, and enforced “without the threat of federal preemption,” the release added. NASCUS also asked decision makers to “support total capital reform for credit unions” and “allow credit unions to access supplemental capital.”

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