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Washington
Matz backs adding NCUA to oversight panel
ALEXANDRIA, Va. (5/17/10)--National Credit Union Administration (NCUA) Chairman Debbie Matz this month urged senators to “help harmonize” House and Senate financial regulatory reform bills “with respect to oversight” by including the NCUA as a member of the Financial Stability Oversight Council proposed in the Senate’s reform legislation. The new oversight council would provide a forum for discussion between various regulatory agencies and would oversee the resolution of troubled financial institutions. The council would also evaluate rules set forth by the proposed Bureau of Consumer Financial Protection (BCFP). The BCFP, as currently constructed, would hold no power over credit unions with under $10 billion in assets. In a separate communication, Matz encouraged the Senate to “make permanent” the $250,000 share insurance coverage limit that is currently set to expire on Dec. 31, 2013. Matz said that making the coverage limit permanent, rather than allowing it to revert to $100,000, would “go far to ensure confidence in federally insured depository institutions and reduce any confusion on the part of consumers as to the safety of their accounts.” For the full NCUA release, use the resource link.


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