NASCUS meeting with GAO "an opportunity to explain differences between federal and state regulatory systems"

ARLINGTON, Va. – NASCUS President/CEO Doug Duerr said the meeting Oct. 10 between four NASCUS staff with five representatives from the General Accounting Office (GAO) gave the association the opportunity to explain some of the differences between the state and federal regulatory systems and oversight and to cite examples where the differences could affect the handling of similar situations facing a federal or state-chartered credit union. Duerr described the hour-and-a-half meeting as “cordial” and said the GAO asked for the meeting as part of its preliminary background work as it enters into its study of the NCUA requested by Senate Banking Chairman Paul Sarbanes (D-Md.). He added that he felt the GAO representatives, including Debra Johnson, assistant director of financial markets and community investment, “did not come with any preconceived notions of the outcome of the study.” The GAO began its review of NCUA in September. The study will focus on credit union safety and soundness issues; the impact of the Credit Union Membership Access Act; and whether CUs are carrying out their mission under the Credit Union Membership Access Act. Representing NASCUS at the Oct. 10 meeting were Duerr, Jonathan Lindley, vice president, national advocacy; Mary Martha Fortney, vice president state regulatory affairs; and Brian Knight, director of legal and policy analysis.