WASHINGTON (UPDATED: 11:40 A.M. ET, 6/27/13)--National Credit Union Administration board nominee Richard Metsger said "updating, simplifying, eliminating and clarifying existing rules to ensure that they are effective, but not excessive, consistent with safety and soundness," will be a focus if he is confirmed to serve the agency.
"I firmly believe a regulatory agency should strive to be its own best critic," he said, noting the NCUA's policy of reviewing one-third of its rules and regulations each year. "I can assure you that, if confirmed, this will not be merely a mechanical exercise for me. I will approach this rolling review with diligence," he added.
Metsger made his remarks in a prepared statement before the Senate Banking Committee this morning.
The nominee, who would fill the vacant NCUA board seat created when former member Gigi Hyland exited last year, served as Oregon state senator from 1999 to 2011, where he chaired the Oregon Senate committee that heard all financial institution legislation. He was a member of the board of directors at Portland Teachers CU from 1993 to 2001 and has also been a board member of Financial Beginnings, a nonprofit focused on increasing students' financial literacy.
"If confirmed, I will add a fresh set of eyes to policies old and new to reflect that diversity [of experience]," Metsger said.
He also listed the continued protection of the National Credit Union Share Insurance Fund as a priority. "Because the fund is capitalized by member credit unions themselves, it is in the best interest of member credit unions to have a strong, forward-looking regulator, committed to protecting the fund from losses," he said.
Credit union safety and soundness is "job one" of the regulator, and "must not be compromised," Metsger added.