McWatters Details Plan to Achieve Essential and Achievable Regulatory Relief

WASHINGTON (Feb. 22, 2016) – In a speech before the Governmental Affairs Conference sponsored by the Credit Union National Association, National Credit Union Administration Board Member J. Mark McWatters outlined a 21-point program to achieve what he called true regulatory relief.

McWatters laid out a broad-based proposal he said is a comprehensive approach to realizing the type of regulatory relief that is proportionate to the total burden credit unions face.

McWatters’ wide-ranging proposal covered areas of relief for credit unions that included minimizing threats to the National Credit Union Share Insurance Fund; suggestions for reviewing policies, rules, or guidance that may be out-of-date; an examination appeals process; a longer examination cycle; accountability for inappropriate examiner conduct and increased transparency and disclosure as it relates to examination findings and actions, administrative actions during the corporate crisis and stress testing methodology.

He also called for continued efforts to address fraud, a decrease—or at a minimum, a material reduction—in the growth of NCUAs operating budget, and preservation of minority and women owned credit unions.

Reaffirming his commitment to the credit union community, McWatters concluded his remarks with the promise that he would continue to advocate for true regulatory relief and a proper business approach to the supervision of credit unions. He welcomed the input of the industry and urged their continued suggestions and involvement.

The full text of Board Member McWatters’ remarks is available online here.