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2014 Legislative Summit Wrap-up
Thursday, August 14, 2014 7:00 AM

Cornerstone Credit Union League's 2014 Legislative Summit adjourned with a plan for the future. During the two-day conference, the Governmental Affairs Committee discussed strategies for increasing the credit union movement's political influence and identified state and federal priorities.

Along with key Cornerstone staff, Kirk Cuevas, partner with Dollar Associates, acted as emcee.

Featured speaker at the closing session was Buddy Gill, National Credit Union Administration Senior Advisor to the Chairman, who presented the NCUA Update. Gill highlighted major industry trends, the Share Insurance Fund, the Corporate Stabilization Resolution program, regulatory relief and modernization, interest rate risk, cyber security, and risk-based capital. He also offered an NCUA internal update and other actions planned for 2014.

Gill noted that Chairman Debbie Matz began the Regulatory Modernization Initiative in 2011. The agency reviews one-third of all rules annually and consciously strives to impose the least possible regulatory burdens—those required by law—onto credit unions. Since there's always a public comment period, credit unions have the opportunity to impact the outcome of a final rule by participating in comment letter campaigns. He urged industry leaders to write those letters, specifying in detail how a proposal might affect the credit union. "We look at and consider them all," Gill said.

Some items on the horizon that NCUA will be looking at include interest-rate risk and the impact future interest rate increases may have on credit union balance sheets, and cyber-security threats including cyber-terrorists as the agency’s top two exam priorities for 2014.

Regarding risk-based capital, Gill discussed the reasons the agency made the proposal, the capital standards, and the statutory mandates, among other components taken into consideration. Gill then opened the floor for Q&A. In addition to a high level of interest in risk-based capital, attendees were concerned about increasing regulatory burdens.