NCUA Board Chairman Cites Accomplishments, Promises Future Cooperation
WASHINGTON, D.C. (Feb. 26, 2018) – Promising continued inclusion, accountability, and transparency in the National Credit Union Administration’s decision-making, NCUA Board Chairman J. Mark McWatters today urged credit unions to “reason together” to accomplish common goals.
“When people trust you with authority, particularly the authority to govern or regulate, you need to listen, to answer questions, to think through consequences, and to work cooperatively,” McWatters said. “I have incorporated this approach into my professional life, adopting the mantra of ‘Come now, and let us reason together.’ Let the parties come and state their cases; let them negotiate and deliberate in good faith; and let them reach an amicable accord.”
Chairman McWatters spoke to approximately 5,000 attendees at the Credit Union National Association’s annual Governmental Affairs Conference here today. The text of his prepared remarks is available online
Hand in hand with reasoned debate, McWatters said, is the goal of finding “the simplest, most straightforward solution,” adding that, in that spirit, he has challenged agency staff to “remain open to fresh and innovative ideas and approaches.” The concept of reasoning together, McWatters said, could likewise extend to community banks and their relationships with credit unions.
Chairman McWatters described several significant accomplishments in the past year, achieved with bipartisan cooperation among the NCUA’s Board members and with opportunities for credit unions to provide insights. Those included:
- Closure of the Temporary Corporate Credit Union Stabilization Fund, four years early;
- Re-structuring of the agency for greater efficiency and cost-effectiveness;
- A regulatory relief agenda, including a task force to identify unnecessary rules; and
- Greater agency transparency and accountability.
Closing the Stabilization Fund, McWatters said, accomplished two important goals: making a $736 million distribution to credit unions and avoiding an approximate $1.3 billion Share Insurance premium.
“This has been a year of significant growth in the credit union system and significant progress at the NCUA,” McWatters said. “I am absolutely confident we can build on these accomplishments together. I am looking forward to the year ahead.”
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 account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.