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McWatters Outlines NCUA Goals, Plans for Reg Relief
Thursday, March 2, 2017 6:40 AM

RBC rule, extended exam cycle among priorities of acting chairman.

Acting NCUA Chairman J. Mark McWatters gave his first speech as acting chair at the CUNA Governmental Affairs Conference this week, highlighting a number of agency priorities going forward and committing to looking for more ways to achieve regulatory relief.

Among his goals are to look at merging the National Credit Union Share Insurance Fund and the Temporary Corporate Credit Union Stabilization Fund.

CUNA Chief Policy Officer Bill Hampel said the merging of the two funds was something CUNA, leagues, and members have long advocated.

“CUNA and our league partners thank Acting NCUA Chairman J. Mark McWatters for giving his first speech as acting chairman today and his comments about the direction of the agency which may allow credit unions to be more effective in providing products and services to their members,” said Hampel.

McWatters, who was named acting chair by President Donald Trump Jan. 23, said the agency would follow the “letter and spirit” of Trump’s regulatory relief executive orders, even though they do not apply to independent agencies such as NCUA. He said he would follow them “because the credit union community faces an array of ill-conceived and wholly unnecessary regulatory burdens.”

McWatters also laid out a number of issues he intends to analyze with board member Rick Metsger and agency staff, including:

  • Revisiting the agency’s pending risk-based capital rule, scheduled to go into effect in January 2019;
  • Continued review of an extended examination cycle;
  • Re-evaluation of the stress-testing rule for the largest credit unions; and
  • Streamlining the agency’s budget.