Chairman’s Appearance on CU Broadcast Now Available for Public Viewing
April 22, 2011, Alexandria, Va.
-- In her first online interview since becoming Chairman of the Federal Financial Institutions Examination Council (FFIEC
), National Credit Union Administration (NCUA
) Board Chairman Debbie Matz highlights her priorities for both the FFIEC and NCUA. The appearance of Chairman Matz on CU Broadcast
, an online talk show
featuring credit union industry leaders, is now available for public viewing.
“NCUA‟s leadership of the Federal Financial Institutions Examination Council comes at a significant moment as regulators work to implement the new financial services reform law,” said Chairman Matz. “For the first time in more than 20 years, NCUA has stepped up to the plate to head this important inter-agency coordinating body. NCUA‟s leadership of FFIEC will help to build greater understanding of the credit union industry within the financial services industry. That's good for NCUA and good for credit unions.”
Established in March 1979, the FFIEC works to promote uniformity in the supervision of financial institutions. The FFIEC has six voting members. In addition to NCUA Chairman Matz, members include representatives from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the State Liaison Committee.
In March, the NCUA Board also approved a proposed rule on interest rate risk. In discussing the need for this regulation, Chairman Matz observes that “today's low interest rates won't last forever.” Chairman Matz notes that credit unions need to prepare now for inevitable economic changes in order to continue serving their members in the long term.
The CU Broadcast interview additionally reviews the results of the “NCUA-Safe” campaign to educate consumers about the safety of money deposited at credit unions. “In its first six months,” said Chairman Matz, “the „NCUA-Safe‟ initiative featuring Suze Orman has produced $6 million in free publicity reaching 60 million consumers by television and 150 million people overall. Moreover, every dollar invested in the campaign has produced four dollars in free publicity. That's a big bang for the buck.”
Finally, the online discussion emphasizes NCUA‟s recent efforts to help individuals to make smarter financial decisions and better choices for their money. Chairman Matz has prioritized the agency's efforts to create MyCreditUnion.gov
and establish the Financial Education and Financial Literacy Initiative.
Aimed at supporting the efforts of low-income credit unions to improve financial literacy in their communities, the grant program also advances NCUA‟s partnership with the U.S. Department of Education and the Federal Deposit Insurance Corporation to encourage financial institutions to educate students about saving, budgeting and wise financial planning.
CU Broadcast is a collection of informative, online video interviews discussing issues important to credit unions with the industry's leaders. To view the entire discussion with Chairman Matz, click here
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.