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NASCUS Briefs National Council of State Legislatures on SCCU issues

ARLINGTON, Va. - Senior staff members from NASCUS joined representatives from the Conference of State Bank Supervisors, the North American Securities Administrators Association and the National Association on Insurance Commissioners in December for a panel discussion and provided the National Council of State Legislatures Financial Services Committee with an overview...

By Staff Writer | Updated on December 31, 2002

ARLINGTON, Va. – Senior staff members from NASCUS joined representatives from the Conference of State Bank Supervisors, the North American Securities Administrators Association and the National Association on Insurance Commissioners in December for a panel discussion and provided the National Council of State Legislatures Financial Services Committee with an overview of issues the association determined will confront state-chartered credit unions and state regulators in 2003. Among the issues NASCUS cited were the preemption of state authority and suggestions by some members in Congress that powers for state-chartered CUs should be restricted to be on par with those allowed federal credit unions. NASCUS’ remarks also focused on the implications of possible budget shortfalls in the states, and the General Accounting Office study of the credit union system that’s currently being conducted. NASCUS said the NCSL Financial Services Committee which is made up of state senators and representatives, promised to continue to work with NASCUS to guarantee their membership is aware of developments in the state-chartered CU movement and continue to work to defend states’ rights to regulate their financial institutions.

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