Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NEW: Metsger Pledges Effective, Not Excessive, Regulatory Approach
WASHINGTON (UPDATED: 11:40 A.M. ET, 6/27/13)--National Credit Union Administration board nominee Richard Metsger said "updating, simplifying, eliminating and clarifying existing rules to ensure that they are effective, but not excessive, consistent with safety and soundness," will be a focus if he is confirmed to serve the agency.

"I firmly believe a regulatory agency should strive to be its own best critic," he said, noting the NCUA's policy of reviewing one-third of its rules and regulations each year. "I can assure you that, if confirmed, this will not be merely a mechanical exercise for me. I will approach this rolling review with diligence," he added.

Metsger made his remarks in a prepared statement before the Senate Banking Committee this morning.

The nominee, who would fill the vacant NCUA board seat created when former member Gigi Hyland exited last year, served as Oregon state senator from 1999 to 2011, where he chaired the Oregon Senate committee that heard all financial institution legislation. He was a member of the board of directors at Portland Teachers CU from 1993 to 2001 and has also been a board member of Financial Beginnings, a nonprofit focused on increasing students' financial literacy.

"If confirmed, I will add a fresh set of eyes to policies old and new to reflect that diversity [of experience]," Metsger said.

He also listed the continued protection of the National Credit Union Share Insurance Fund as a priority. "Because the fund is capitalized by member credit unions themselves, it is in the best interest of member credit unions to have a strong, forward-looking regulator, committed to protecting the fund from losses," he said. 

Credit union safety and soundness is "job one" of the regulator, and "must not be compromised," Metsger added.


RSS print
News Now LiveWire
See @CUNA's @SchenkMike on TheStreet discussing a new surge consumer confidence http://t.co/SqjarTBLCQ
26 minutes ago
.@CFPB pushes back cmmt deadline on proposal to allow consumer narratives in complaints database--now 9/22, was 8/22. http://t.co/mHLlRVjEij
1 hours ago
@FHFA will hold 8/14 outreach in Atlanta for homeowners who still could benefit from the HARP refinance program. More in #NewsNow Thurs.
1 hours ago
Access to Affordable Mortgages Act passed by Hse Fin Serv. 31-23.CUNA says bill gives CUs reg relief & incr. access to mortg credit.
1 hours ago
Bill sponsor said will support amndmt to incl. NCUA in the study & delay the agency's risk-based capital plan b4 full House vote. 2of2
2 hours ago