You have been in Washington, D.C., these past four days fighting for the future of credit unions. You were here to shape the debate and ensure that all members of Congress know the impact, positive or negative, their votes will have on credit union members. Advocacy at the legislative and regulatory levels is critical to creating an environment in which credit unions thrive.
During my tenure on the NCUA Board, time and time again I have seen the positive effect of your advocacy on our rulemakings. Your comment letters to the agency often refine my policy positions. So much so, in fact, that there are instances when I chose not to support a final rule because of the real-life consequences and burden it would place on credit unions to comply. Most recently, the proposed CUSO and Loan Participation rules come to mind.
That said, NCUA—as an agency, as a regulator, as an insurer—recognizes that we should not drive you to be completely risk averse. You need the room to pursue avenues of growth; our job is to make sure that you do so safely and soundly, and in a manner that appropriately manages risk. Our examination and supervision efforts will continue to focus on how credit unions do to manage their changing risk profiles. Your job is to continue to advocate for balanced rulemaking. Your comment letters are an important strategy to execute in your fight for the future of credit unions...