Tue, Nov 12, 2013
Washington, District Of Columbia
NCUA Board Member Rick Metsger told members of the MD|DC Credit Union Association that he recognizes NCUA’s need to change in order to make sure that credit unions can remain competitive in the consumer marketplace. At the November 7 DC Chapter meeting, he explained that safety and soundness is important but not at the risk of credit unions not being able to provide products and services to consumers. Metsger said that regulations like the fixed asset rule are based on assumptions at the time they are adopted, so future improvements are possible. He indicated that he will challenge regulations and test assumptions. He invited the audience to contact him directly with specific issues or examples of "over-regulation."
When asked about the 2014 NCUA budget he indicated that the NCUA has worked hard to control expenses. The agency is considering the consolidation of assignments and prioritizing personnel in order to limit any budget increase.
While the corporate assessment has not been determined, he estimates that the range will be very low. His goal as a board member is for credit unions to use their earnings to serve members.
Metsger indicated that his major area of concern going forward is interest rate risk. "Rates can only go up, the question is how fast and how far." He is also very concerned about cyber security, especially with 3rd party vendors.
Metsger was confirmed by the Senate Aug. 1 and was sworn in Aug. 23. He succeeds former NCUA Board Member Gigi Hyland who left the board in October 2012 after serving more than a year beyond her term's expiration.