NAFCU statement on NCUA White Paper on NCUSIF Legislative Reform
WASHINGTON, DC (April 6, 2015) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to the release of an NCUA 2013 white paper, “National Credit Union Share Insurance Fund (NCUSIF) Improvements.”
“NAFCU is deeply concerned the agency’s recommended changes would be costly and exacerbate the burden on an already extremely safe and sound industry – an industry that did not cause the financial crisis,” said Berger. “In February, NAFCU wrote NCUA requesting that the agency fully disclose its long-term plan for mitigating perceived risk in the credit union industry. We specifically noted NCUA’s legislative priority of establishing risk-based share insurance premiums-a priority that was buried in a footnote of NCUA’s congressional testimony in February before the Senate Banking Committee. In her response, NCUA Chairman Debbie Matz specifically did not address the agency’s ideas for legislative reforms to the share insurance fund. NAFCU is carefully reviewing the September 2013 white paper to assess the full impact these legislative reform ideas would have on credit unions and their 100 million members. Like risk-based capital, these issues need to be discussed and considered in an open and transparent forum.”
The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.