ARLINGTON, Va. — NASCUS and credit union leadership gathered in Washington, D.C. for its annual assembly of the executive committees.
Each year, the executive committees–including the NASCUS Board and members of the Credit Union Executive Council–meet to review strategic priorities for the upcoming year and discuss current issues with area regulatory and credit union representatives.
"The annual meetings of our Executive Committees are an important opportunity for our leadership to plan and strategize for the upcoming year," NASCUS President/CEO Mary Martha Fortney said. "We also value the in-person meetings with federal regulators, officials and policymakers in the Washington, D.C. area."
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Approximately half of the visit was spent meeting with Washington policymakers. NASCUS representatives met with NCUA Chairman JoAnn Johnson, Board Member Gigi Hyland–NCUA's NASCUS liaison–and senior staff to talk regulator to regulator about emerging trends and the 2008 NCUA budget. Issues in the mortgage market were a primary topic of discussion as was NCUA's decision to proportionately charge the states that have private insurance for direct training expenses, according to NASCUS Director of Communications and Public Affairs Kate Hartig.
The NASCUS leaders also met with Treasury Assistant Secretary for Financial Institutions David Nason, who was also very interested in the subprime mortgage crisis issue and noted that he has been encouraging lenders to work more with the Federal Housing Authority for guaranteed loans.
NASCUS regulatory relief priorities were also shared with members of the House Financial Services and the Senate Banking, Housing and Urban Affairs Committees. NASCUS is supporting complete capital reform for credit unions, including a risk-based system and permitting secondary capital. The group also advocated for exempting credit unions from registering as broker-dealers for certain activities, exempting credit unions from pre-merger notification requirements, permitting privately insured credit unions to join the Federal Home Loan Bank System, encourage minimal federal pre-emption (including in credit union to mutual savings bank conversions), eliminate or modify the limit on one credit union experienced NCUA Board member, expanding member business lending authorities, full transparency in mutual saving bank conversions, and mandating state regulatory consultation when a federal agency has rulemaking authority over state chartered institutions.
Additionally, NASCUS management briefed the executive committees on association projects and progress on strategic initiatives, including the data collection effort and other issues.
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