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McWatters Discusses Regulatory Relief with Senate Banking Committee
Monday, June 26, 2017 6:45 AM

National Credit Union Administration's Acting Chair J. Mark McWatters discussed recommendations to “achieve real relief while maintaining safety and soundness” before the Senate Banking Committee last Thursday, part of a hearing on regulators’ role in fostering economic growth.

The committee asked NCUA to identify ways to ease regulatory burden through legislation. McWatters addressed several proposals that would:

  • Provide NCUA with enhanced flexibility to write rules to address regulatory relief situations under the Federal Credit Union Act.
  • Allow federal credit unions with a community or single-bond charter the opportunity to add underserved areas to a field of membership. 
  • Adjust the member business lending cap by giving credit unions parity with banks for 1-4 non-owner-occupied residential dwelling loans. 
  • Allow more credit unions to access supplemental capital.

McWatters said NCUA is “actively considering” a number of regulatory relief initiatives, including:

  • Possible early termination of the Temporary Corporate Credit Union Stabilization Fund. 
  • Reviewing and enhancing the call report process. 
  • Exploring ways to permit credit unions without the low-income designation to raise supplemental capital. 
  • Revisiting the risk-based capital rule in its entirety and to consider whether “significant revision or repeal” of the rule is warranted. 
  • Adding flexibility to examinations. 
  • Continuing with the Enterprise Solutions Modernizations program. 
  • Developing proposed changes to appeals procedures. 
  • Reforming restrictions on corporate credit unions. 
  • Developing a Credit Union Advisory Council.

McWatters also responded to recommendations in the Treasury study released earlier this month.