NCUA Chairman Matz congratulates Minnesota Credit Unions on Economic Success
ST. PAUL, MN – More than 50 credit union representatives from around the state traveled to the Minnesota Credit Union Network (MnCUN) in St. Paul on March 8 for an open forum meeting with National Credit Union Administration (NCUA) Chairman Debbie Matz.
Attendees spoke candidly with the Chairman about specific regulatory concerns and commented on the credit union exam process. In her opening remarks, Chairman Matz discussed the current credit union environment and recent successes across the industry, which are reflected in year-end 2012 data. These positive trends are mirrored and, in many cases, eclipsed in Minnesota.
“It’s been a difficult couple of years, but credit unions have really turned the corner,” Chairman Matz said, noting substantial improvement in all critical areas of credit union measurement. “Thank you for doing such a good job and for working so hard.”
The Chairman expressed concern over the widening disparity between large and small credit unions – those with more than $250 million in assets and those with less than $10 million – and the struggles that smaller institutions face. She articulated the need to find ways to keep small credit unions alive and thriving, noting the availability of training resources through the NCUA’s Office of Small Credit Union Initiatives.
Chairman Matz also spoke of changes in staffing at the NCUA and a reinvigoration of the agency’s workforce. As credit unions become more complex, she said the NCUA is cognizant of the need to “keep up with the times” and stay ahead of the curve, hiring specific expertise in areas such as technology and commercial lending.
Credit union representatives specifically addressed concerns about NCUA letters to credit unions, interest rate risk, member business loan waivers, and the low-income designation.
MnCUN President & CEO Mark Cummins expressed appreciation to the Chairman for providing Minnesota credit unions the opportunity to meet with her in an intimate setting.
“It is an honor to have Chairman Matz here in Minnesota,” MnCUN President & CEO Mark Cummins said. “We appreciate the NCUA’s willingness to have an open discussion with credit unions in our state, and especially for the Chairman’s strong emphasis on open communication, her common sense approach, and her commitment to strengthening the industry.”
The Minnesota Credit Union Network is an organization representing the state’s 134 not-for-profit cooperative credit unions serving more than 1.5 million member-owners in Minnesota. For more information, visit www.mncun.org.