ARLINGTON, VA (March 10, 2021) — NASCUS has submitted a comment letter responding to the NCUA’s request for information regarding communications and transparency. The letter commends the NCUA’s comprehensive communications strategy while suggesting modifications to assist stakeholders.
NASCUS made several recommendations for improvement intended to clarify communications and streamline outreach. Among them:
Clearly distinguish applicable regulatory citations, regulations, and communications for federally insured state credit unions (FISCUs) compared to federally-chartered credit unions. Regulatory burden could also be reduced for FISCUs by consolidating all rules applicable to FISCUs and ensuring all communications applicable to FISCUs include the citation in Part 741 that applies the subject matter to FISCUs.
Improve reporting methods on mergers and charter conversions using the pre-2018 methodology previously used by the NCUA to maximize value.
Support de novo state credit unions by providing clearer instruction and an independent application for share insurance on the NCUA website. This includes providing a link to NASCUS to provide a resource for more information on individual state credit union chartering processes.
NASCUS also recommended consolidating several NCUA guidance publications to reduce redundancy
The complete text of the NASCUS comment letter is available on the NASCUS website at:
NASCUS is the national association that advocates for a strong and healthy state credit union system, and whose members include state regulatory agencies, credit unions, credit union leagues, and organizations that support the state credit union system. Our mission is to forge a vibrant dual charter system by promoting a relevant, growth-oriented, and healthy state charter option. More information about NASCUS can be found here.
Amanda Tuckey
Sr. Director, Communications and Marketing
NASCUS
(703) 528-5974
atuckey@nascus.org
