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NAFCU meets with NCUA Chair Hood
NCUA Board Chairman Rodney Hood met with NAFCU President and CEO Dan Berger at the association's headquarters Wednesday to discuss priorities for the agency.
"NAFCU thanks Chairman Hood for his leadership, and for taking the time to discuss regulatory burdens facing the industry and how our member credit unions would like to see them addressed," Berger said. "We look forward to working with Chairman Hood, and NCUA Board Members [J. Mark] McWatters and [Todd] Harper, to ensure credit unions have a regulatory environment that allows them to grow and thrive."
Berger was joined by NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt and Director of Regulatory Affairs Ann Kossachev. From NCUA with Chairman Hood were Sarah Vega and Owen Cole. The group also recently met with Board member Harper.
After being sworn in as chair, Hood identified several issues he plans to address during his tenure, many of which overlap with NAFCU priorities, including:
- reducing regulatory burdens – Hood has said he wants "effective but not excessive regulation";
- modernizing the federal credit union charter;
- addressing cybersecurity issues; and
- creating opportunities for credit unions to serve more communities.
Other regulatory priorities Berger has previously outlined for Hood and Harper include: field of membership reforms, the current expected credit loss (CECL) standard, risk-based capital (RBC), payday alternative loans and more.
The association has also encouraged the agency to expand eligibility for an extended 18-month exam cycle, increase budget efficiency and transparency, and return the National Credit Union Share Insurance Fund's (NCUSIF) normal operating level (NOL) to 1.3 percent as soon as possible.