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News Now

Washington
NASCUS toTreasury Dual chartering should remain
WASHINGTON (11/29/07)—The National Association of State Credit Union Supervisory (NASCUS) sent a Nov. 21 letter to the Treasury Department commenting on Treasury’s review of the regulatory structure associated with financial institutions. The letter noted that the topic of revamping the regulatory framework has been debated for many years and conceded that if the system had been “created by design,” the current system would not have been “deliberately engineered.” “(H) owever, the current system has provided competition, innovation and diversity. One cannot overlook the benefits offered by the current system,” wrote Sandra Troutman, executive vice president of government relations for NASCUS. NASCUS focused the body of its comments on three main areas: the dual chartering system, state charters, and what the group considers to be the optimal role of a deposit insurer. The letter argued that today’s regulatory system is strengthened by dual chartering which, it said, provides for “diversity, innovation and healthy competition. “Charter choice creates healthy competition and provides an incentive for regulators (both state and federal) to maximize efficiency in their examinations and reduce costs. It also allows regulators to take innovative approaches to regulation while maintaining high standards for safety and soundness,” the letter said. The state chartering option, NASCUS said, improves consumer protections and economic vitality. Responding to a specific request for comment issued by the Treasury, NASCUA said it believes “the roles and responsibilities of the insurer and the primary regulatory should be separate, distinct and well defined” as exemplified in the banking system with the Federal Deposit Insurance Corp. That system, according to NASCUS, limits conflicts of interest between the regulator and the insurer and allows an insurer to be independent.”


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