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News Now

Washington
Future NCUA nominee must understand reg burden CUNA
WASHINGTON (11/20/12)--As the Senate announces its confirmation of two new Federal Deposit Insurance Corp. (FDIC) officials, the Credit Union National Association (CUNA) is taking the opportunity to note that any future nominee for a similar position on the National Credit Union Administration's (NCUA) board must understand regulatory burden.

CUNA Deputy General Counsel Mary Dunn said CUNA will continue to  advocate for "a well-qualified individual who fully appreciates the need for a positive regulatory environment that will facilitate growth while supporting reasonable safety and soundness."

Although FDIC officials have been appointed, credit unions should likely expect the NCUA appointment to take longer. NCUA Chairman Debbie Matz last month, noting that the timeline for filling the open board spot created by board member Gigi Hyland's recent departure is up to the White House and U.S. Senate, indicated that the position likely will not be filled in the near future.

Legislators last week approved Martin Gruenberg to serve as FDIC chairman. He has served as acting chairman since July 8, 2011. Thomas Hoenig, who previously served as Kansas City Federal Reserve chief, will serve as vice chairman of the FDIC. Both nominations were unanimously approved by the Senate. Both men are scheduled to serve six-year terms.

President Barack Obama will need to fill a number of cabinet and general government positions as he enters his second term, with Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner among those that have said they will not return to their posts.


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