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Matz Touts Mutually Beneficial NCUA-FSOC Relationship
Wednesday, December 9, 2015 6:40 AM

National Credit Union Administration Board Chairman Debbie Matz Tuesday told lawmakers the “mutually beneficial” relationship with the Financial Stability Oversight Council helps NCUA better protect credit unions and their members.

“The Council is performing a valuable service for the American people,” Matz said, “by identifying risks, promoting market discipline and responding to emerging threats to the U.S. financial system on critical issues such as the oversight of key financial market utilities, data standards infrastructure and cybersecurity threats.”

Chairman Matz testified at a hearing of the House Financial Services Committee on the Council’s work. Matz is one of 10 voting Council members. Her written testimony is available online here.

Matz said the Council provides regulators with a valuable forum for sharing best practices and coordinating regulation of the nation’s financial system that helps safeguard the country’s economic stability.

“The 2008-2009 financial crisis demonstrated why the complex, evolving financial system needed broader oversight,” Matz said. “I find NCUA’s inclusion on FSOC to be mutually beneficial. Participation in FSOC has expanded our perspective. As a result, NCUA is better able to fulfill its mission of providing, through regulation and supervision, a safe and sound credit union system which promotes confidence in the national system of cooperative credit. In return, the Council benefits from NCUA’s supervisory expertise and extensive analytic resources.”

See more at NCUA Newsroom.