Statement Of Michael J. McKenna
National Credit Union Administration
Before The House Financial Services Subcommittee On
The Economic Impact Of Financial Services Regulation
Tuesday, April 8, 2014
Chairman Hensarling, Ranking Member Waters, and Members of the Committee, the National Credit Union Administration appreciates the invitation to provide its views on the agency’s recent regulatory and supervisory activities and their effects on federally insured credit unions, consumers, and the financial services marketplace.
I am Michael J. McKenna. I have worked for NCUA in various capacities since 1989, including as a staff attorney, Senior Policy Advisor, Deputy Executive Director, and Deputy General Counsel. Since August 2011, I have served as NCUA’s General Counsel. In this role, I have the responsibility for managing all legal matters affecting NCUA.
As a starting point, I want to emphasize that NCUA understands the need to strike a proper balance between implementing the safety and soundness considerations required by the Federal Credit Union Act and minimizing the bottom-line impact for the credit unions we regulate and insure. NCUA has a tailored program designed to mitigate compliance costs and improve the examination process for all credit unions. Rather than adopting one-size- fits-all regulations, NCUA focuses the agency’s rules on risk and asset size.
In the invitation to testify, the Committee asked NCUA to review the agency’s recent regulatory and supervisory activities. The invitation also asked several questions related to the use of cost-benefit analyses in rulemakings, the effects of rulemakings on the marketplace, the access of consumers to products, and the agency’s rulemaking procedures.