McWatters: Transparency, open participation imperative to regulation

Board Member Discusses Regulatory Issues with Credit Union CEOs

ALEXANDRIA, VA (December 17, 2014) — Open communication is essential to effective regulation, National Credit Union Administration Board Member J. Mark McWatters said, and he stressed the need for continued dialogue and communication.McWatters made his remarks during a roundtable discussion on Dec. 12 in Boston with CEOs of federally insured credit unions. The roundtable was hosted by the Massachusetts, Rhode Island and New Hampshire credit union leagues. McWatters addressed a variety of industry concerns, including regulatory relief, accountability, interest-rate risk, risk-based capital, the NCUA budget and increased public access to information.

“As we address these increasingly complex issues, I appreciate and welcome credit unions’ concerns and feedback,” McWatters said. “It’s imperative for NCUA to provide a regulatory environment that includes a sharing of information and open participation.”

McWatters 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.

NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 98 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.

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