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In “Legislators, Regulators Seek Credit Union Oversight Secret Sauce,” Ms. Cooke puts forth a flawed notion that the size of the NCUA board can make the difference between what is good policy vs. “cheap” policy. Frankly, that is not the issue, efficacy is.
What benefit would be derived from increasing the size of the board? Improved governance is not guaranteed simply because there is more debate or the size of the board increases. Greater transparency and accountability do not necessarily require either of these. For this reason, NAFCU has been steadfast in opposing any unnecessary government actions that increase costs to credit unions without providing any benefit or relief to their members. This has included various past proposals to change the NCUA board from three to five members.
The fact is a move from three board members to five, and additional support staff, would increase the board’s expenses in the range of 60%, with no clear benefit. Already, NCUA travel is one of the greatest expenses in the budget. Adding two new board members would not only increase costs directly related to the two additional board members, but it would also add costs for the board members’ support staff, which would include additional advisers and assistants.
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The CFPB is ordering Navy Federal to refund more than $80 million to consumers, stop charging illegal overdraft fees, and pay a $15 million civil penalty.
A CFPB and NCUA investigation determines VyStar ignored red flags and continued with the rollout that caused members to lose access to their accounts and funds for weeks.
Thursday’s action by the CFPB against VyStar is a step rarely taken against credit unions.
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