During my testimony in Congress yesterday, I emphasized the importance of the NCUA being an independent financial regulator, which protects the deposits of credit union members. In order to do so, we must be staffed adequately and have independent control of our budget. I made the point that undermining the ability of this agency to protect the savings that 100 million Americans have trusted to the 6,206 credit unions NCUA insures could end up costing those members if we are hit with another financial crisis. I consider cutting budgets and staff in the current environment, in which we face a multitude of risks, a penny-wise-pound-foolish approach.
My comments have been construed by some as a lack of faith in credit union leadership, which is not at all what I intended, nor what I believe, and for that I apologize.
I have served two terms on NCUA's Board. I have been an executive vice president and chief operating officer at a credit union. I have a deep belief in the importance of member-owned credit unions offering affordable services to 100 million Americans, and I am dedicated to protecting them and the credit union system.
The public has every right to expect government agencies to operate prudently, effectively and at a reasonable cost. The NCUA and the credit union system paid billions of dollars in losses for years of cost-cutting that hindered our ability to do our jobs. Cleaning up that disaster and re-tooling to prevent its recurrence required investment in staff, training and tools to do the job right. I have always insisted every NCUA office justify every expense, and I will continue to do that. At the same time, I will continue to make protecting credit unions and their members' savings my top responsibility.
CUNA President/CEO Jim Nussle issued the following response to Matz' above statement:
"I appreciate that NCUA Chairman Debbie Matz reached out to me this afternoon and I wanted to share her statement. Matz said, '[her] comments have been construed by some as a lack of faith in credit union leadership, which is not at all what I intended, nor what I believe, and for that I apologize.'"
NAFCU President/CEO Dan Berger also issued a response:
"NAFCU appreciates the Chairman's clarification and we look forward to positive legislative and regulatory relief in the months ahead."
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