Mon, Nov 2, 2015
MD|DC credit union CEOs had the opportunity to meet with NCUA Board Chairman Debbie Matz and Vice Chairman Rick Metsger last week for a productive roundtable discussion on issues important to Association members. Chairman Matz expressed her continued support for regulatory relief and indicated that she expects regulatory proposals on both Field of Membership (FOM) and Supplemental Capital by year end. A final Member Business Loan (MBL) regulation will be delayed until at least January 2016, while a two-year agency budget will be voted on in November, a return to the pre-recession budget cycle according to Matz. Chairman Matz indicated that while not opposed, the timing isn’t right for an 18-month exam cycle, but NCUA is looking at leveraging technology to enable examiners to conduct more of the examination steps remotely. She also reiterated that the agency’s Third Party Vendor authority proposal will be focused as needed only on companies that present the greatest potential risk, typically technology providers.
Vice Chairman Metsger discussed giving credit unions a “menu” of options for determining FOM, allowing each institution leeway to choose the best fit for its needs. He described a number of options including a FOM based on [one] member-at-large congressional districts, which would include the District of Columbia, combining metro service areas, and increasing the rural cap. He also talked about including full-time contractors, who in some cases are currently excluded from FOM, as is the case with the Library of Congress Federal Credit Union.
Chairman Matz and Vice Chairman Metsger restated their commitment to moving forward expeditiously to implement regulatory relief. Overall, it was a successful and informative meeting for the League and included approximately 19 attendees representing 12 MD|DC credit unions.