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Cornerstone Supports NCUA's Efforts to Reduce Regulatory Burdens
Tuesday, November 21, 2017 7:00 AM

Cornerstone Credit Union League has sent its comment letter to the National Credit Union Administration regarding its regulatory reform agenda. In the letter, SVP Regulatory Compliance Counsel Suzanne Yashewski said Cornerstone supports NCUA's efforts to reduce regulatory burdens and backs CUNA's time-prioritized recommendations.

Yashewski covered in detail Cornerstone's view on recommendations for Tiers 1, 2, and 3 regarding loans, bylaws, mergers, capital adequacy, risk-based capital, fidelity bonds and insurance, audits, securitization, appraisals, advertising and notice, supervisory review, to name only a few. She also addressed derivatives and investments, saying:

"Cornerstone supports the expansion of credit unions' investment authority. To be competitive in the today's financial services marketplace, credit unions should be permitted to invest in a broad range of investment alternatives, subject to the decision-making control of their member directors. By amending this Section, credit unions could have access to professionally-managed, separate-account investments with greater transparency than is afforded via permitted mutual funds.

"NCUA proposes removing the prescriptive due diligence requirements applicable toward investment advisors and broker-dealers; we feel this is appropriate given the nature of those business models, instead requiring credit unions to perform due diligence. Credit unions also should be permitted to invest in municipal bonds without limitation, and to purchase mortgage servicing rights."

View the letter in its entirety by visiting the Cornerstone compliance pages. To access this site, you'll need your Cornerstone CUpassport ID and password.

If you need help in crafting comment letters, or if you have questions about this proposal, please contact Suzanne Yashewski at syashewski@cornerstoneleague.coop or 512-853-8516.