ALEXANDRIA, Va. (Aug. 27, 2014) – Regulatory relief, transparency, accountability, supporting low-income credit union members and promoting greater industry diversity are among the priorities National Credit Union Administration Board Member J. Mark McWatters described today in a statement outlining his vision for the agency:
“In discharging my duties, I will always welcome advice and counsel from the broader credit union industry, as well as from the management and members of individual credit unions,” McWatters said. “I assure you that I will thoughtfully and respectfully consider your perspectives as I independently analyze the issues presented. While we may differ from time to time in our analysis and conclusions regarding the structure and scope of specific regulatory and administrative actions, I assure you that your voice will be heard and considered.”
McWatters said his initial focus as a member of the NCUA Board would be in five areas:
- Providing regulatory relief for credit unions,
- Incorporating a robust, objective, transparent and fully accountable cost-benefit analysis into NCUA’s rulemaking and vetting process,
- Recognizing the critical role and expanding the scope and financial viability of low-income credit unions within the financial services industry,
- Enhancing the availability of affordable and readily understandable financial services to credit union members who are economically challenged, and
- Promoting the role of women and persons of color within the credit union industry.
“Paying close attention to these and other critical issues affecting the credit union industry and providing a fresh, transparent and fully accountable approach toward NCUA’s internal and external operations reflects my commitment to ensuring the safety and soundness of the credit union industry and protecting the Share Insurance Fund from losses while allowing credit unions to best serve their members and conduct their affairs through their exercise of prudent, fair-minded and autonomous business judgment,” McWatters said.
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.