ALEXANDRIA, Va. (Jan. 23, 2013) – National Credit Union Administration (NCUA) Board Chairman Debbie Matz reviewed the industry’s post-recession recovery and the agency’s priorities for 2013 in an interview available on CUbroadcast, an online video information service featuring credit union innovators, success stories and game changers.
Looking back over the last year, Matz noted the growing strength of the credit union industry after the recession. She cited the progress of her Regulatory Modernization Initiative, including updating the definition of a small credit union from $10 million to $50 million, the creation of the Office of National Examinations and Supervision and the publication of the National Supervision Policy Manual.
Discussing items on the agency’s agenda in the coming year, Matz said NCUA will, among other things, carefully monitor legislative action on credit unions’ tax exemption and focus on credit union efforts to manage interest rate risk.
The interview included a discussion of NCUA’s ongoing lawsuits to hold Wall Street investment firms accountable for the sale of faulty mortgage-backed securities that led to the collapse of five corporate credit unions. At present, NCUA has 10 suits pending against various firms. NCUA has settled with three others, recovering more than $170 million.
Matz also discussed her upcoming town hall webinar with Consumer Financial Protection Bureau Director Richard Cordray, scheduled for Tuesday, Feb. 5, at 3 p.m. EST. Online registration for this free, informative webinar is now open here.
The full Matz interview is available at CUbroadcast’s website.
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.