NCUA’s Hood: Federal-state chartering and supervision system working well

NCUA and National Association of State Credit Union Supervisors (NASCUS) Chairmen sign new Document of Cooperation.

The National Credit Union Administration and state regulators are working well together to modernize the dual chartering and supervision system and reduce regulatory burdens for credit unions, NCUA Chairman Rodney E. Hood said yesterday.

“The system of regulation and supervision where federal and state authorities work cooperatively, always with the common goal of a safe, sounder, more efficient and innovative credit union industry, has clearly demonstrated its merits,” Hood said. “Essential to making that system work is a solid relationship between the NCUA and state regulators, based on mutual respect.”

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Source: NCUA