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McWatters Says Transparency and Communication Imperative to Regulation
Thursday, December 18, 2014 6:40 AM

During a Boston roundtable discussion on Dec. 12 with CEOs of federally insured credit unions, National Credit Union Administration Board Member J. Mark McWatters said open communication is essential to effective regulation, and he stressed the need for continued dialogue.

At the roundtable, hosted by the Massachusetts, Rhode Island, and New Hampshire credit union leagues, McWatters addressed a variety of concerns, including regulatory relief, accountability, interest-rate risk, risk-based capital, the NCUA budget, and increased public access to information.

McWatters said he appreciated and welcomed credit unions’ concerns and feedback. “It’s imperative for NCUA to provide a regulatory environment that includes a sharing of information and open participation," he said.

“Mr. Ensweiler and members of the Cornerstone Advocacy Team recently had the opportunity to meet with Board Member McWatters," said Cornerstone Credit Union League SVP Regulatory Compliance Counsel Suzanne Yashewski. "We were impressed by his open dialogue and desire to learn our concerns. We fully support his efforts to bring a new level of transparency to business at the NCUA, and we look forward to engaging in future conversations to effect positive change to the regulatory burdens currently placed on credit unions.”

McWatters also said NCUA has taken steps to give stakeholders accurate and concise disclosure, such as the additional information found in the 2015 Operating Budget Board Action Memorandum and the Board Action Memorandum for the 2015 Corporate Stabilization Fund.

A video interview with McWatters after the CEO roundtable is available here.