LAS VEGAS–NCUA Chairman Rick Metsger told an audience made up primarily of CU volunteers that they are a group close to his heart.
Metsger, who served as a volunteer at two CUs, including standing outside a branch to collect names in order to run, told the Directors and CEOs Leadership Conference that “I know the real heart and soul of the credit union movement are the volunteers. You have a faith that there is something valuable about a not-for-profit environment.”
During his remarks Metsger reviewed some of the things he did related to credit unions while in the Oregon Senate, and updated the audience on his current priorities as chairman. All of that, he said, is based on supporting the language defining credit unions in Federal CU Act that calls for them to “promote thrift and be a source of credit for provident and productive purposes. That has driven the agenda I have put together at NCUA.”
Metsger said that he and fellow board member Mark McWatters have been working to return more responsibility for running CUs to their boards and management teams, including how the agency interprets field of membership rules.
I believe we need to put more responsibility back into your hands, the boards of directors, citing the fixed asset rule as an example and MBLs.
Looking forward, he said cybersecurity remains a big concern. “It’s not just Bank of America that’s being targeted, they are targeting smaller institutions under the correct assumption that the security is not as strong. This includes third-party vendors and payment systems.”
Metsger also asked credit unions to support him in gaining third-party vendor authority for NCUA, the only financial regulator that lacks such authority. Those expanded powers have been opposed by the credit union trade groups.