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NASCUS President/CEO Lucy Ito announced the launch of a new Dual Charter Resource Initiative and invited all state and federally chartered credit unions to join in supporting "a robust dual-chartering system."
The announcement of the new Dual Charter Resource Initiative (DCRI) was made this week during the NASCUS 2021 Annual Membership Meeting. In the announcement, Ito explained, "State charter advances benefit the entire credit union system, from state and federal regulators to state and federally chartered credit unions and their members. It is essential to the system's vibrancy that we work hand in hand to address the challenges ahead. With this initiative, NASCUS is proactively addressing oversight balance, state-charter competitiveness, and resource distributions."
Lucy Ito. (Photo credit: NASCUS) According to NASCUS, the DCRI will initially be funded by a financial commitment of at least three organizations:
- CUNA Mutual Group; $150,000 over three years.
- American Share Insurance (ASI); $100,000 over two years.
- PSCU; $20,000 over two years.
"When NASCUS shared their vision for the Dual Charter Resource Initiative, it was an easy decision to support this important program," CUNA Mutual Group President/CEO Robert N. Trunzo said. "A strong state credit union system benefits our credit union partners and the consumers we collectively serve as we work together to make brighter financial futures accessible to everyone."
According to a statement from NASCUS, the state-charter option is beneficial to the credit union system. "State regulators are an essential partner in the industry's success due to their familiarity with local competitive environments and understanding that innovation is a necessary component of prosperity. As a pivotal partner between credit unions and state regulators, NASCUS created the DCRI to strategically enhance industry partnerships and develop long-term growth frameworks," the statement said.
Dennis Adams, president/CEO of ASI, said, "ASI is proud to support NASCUS' Dual Charter Resource Initiative because we fundamentally believe that credit unions should have choices in their charter structure. Like NASCUS, ASI believes that the Dual Charter Resource Initiative is critical in sustaining long-term growth for the industry as a whole."
NASCUS said with the DCRI, it and initiative partners will address key topics, which include:
- Pursuing progressive legislation and regulation.
- Building relationships to foster charter innovation.
- Leaning against unnecessary federal pre-emption.
- Expanding awareness of options available to state-chartered credit unions.
"As the nation's leading payments credit union service organization, PSCU understands that credit unions must be able to innovate to stay competitive. In line with our commitment to helping our credit unions prepare for the future, we are proud to support the Dual Charter Resource Initiative with NASCUS to create a strong and vibrant state-charter system. Grounded in a cooperative spirit, this initiative offers credit unions the ability to develop innovative solutions while staying flexible and efficiently serving their members," Chuck Fagan, president/CEO of PSCU, said.
According to NASCUS, the DCRI will begin development during the months ahead and will move into the market in early 2022.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
