NCUA Board Member J. Mark McWatters Statement on Final Rule, Part 704, Corporate Credit Unions

As Prepared for Delivery on October 15, 2020

The NCUA enacted a series of corporate credit union rules following the Financial Crisis of 2008–2009 that were aimed at protecting the safety and soundness of the National Credit Union Share Insurance Fund and the credit union system. Those rules have served to re-establish the integrity and financial stability of the corporate credit union system. Today, we offer a modest and thoughtful relaxation to certain aspects of the rules that will reduce regulatory burden without threatening safety and soundness. I support that initiative.

Thank you.