ARLINGTON, Va. — The National Association of State Credit Union Supervisors (NASCUS) has announced what it is calling the Dual Charter Resources Initiative, which it said is designed to help boost oversight balance, state-charter competitiveness, and resource distributions.
The new effort debuted during the first day of the NASCUS’ 2021 Annual Membership Meeting, at which it also said a group of “committed supporters” that includes American Share Insurance, CUNA Mutual Group and PSCU have collectively pledged $260,000 to the program over the next two-to-three years.
According to NASCUS, the DCRI will begin development during the coming months and will move into the market in early 2022. DCRI sponsors will engage with the initiative through a series of financial contributions and program participation, the organization added.
“State charter advances benefit the entire credit union system, from state and federal regulators to state and federally chartered credit unions and their members,” said President/CEO Lucy Ito, who is scheduled to retire later this year. “It is essential to the system’s vibrancy that we work hand in hand to address the challenges ahead.”
In a statement, NASCUS said the state-charter option is a “source of meaningful benefit to the credit union system,” and that state regulators are an essential partner in the industry’s success due to their “familiarity with local competitive environments and understanding that innovation is a necessary component of prosperity.”
‘Pivotal Partner’
As a “pivotal partner” between credit unions and state regulators, NASCUS said it created the DCRI to strategically enhance industry partnerships and develop long-term growth frameworks.
“When NASCUS shared their vision for the Dual Charter Resource Initiative, it was an easy decision to support this important program,” said Robert N. Trunzo, president and CEO of CUNA Mutual Group. “A strong state credit union system benefits our credit union partners and the consumers we collectively serve as we work together to make brighter financial futures accessible to everyone.”
NASCUS said it is inviting state and federal credit unions to join its membership and to support a “robust dual-chartering system.”
Key Topics
With the DCRI, NASCUS said it and its initiative partners will address key topics affecting the industry as a whole, including:
- Pursuing progressive legislation and regulation
- Building relationships to foster charter innovation
- Leaning against unnecessary federal pre-emption
- Expanding awareness of options available to state-chartered credit unions
‘Strong & Vibrant’
“As the nation’s leading payments credit union service organization, PSCU understands that credit unions must be able to innovate to stay competitive,” said Chuck Fagan, president and CEO of PSCU. “In line with our commitment to helping our credit unions prepare for the future, we are proud to support the Dual Charter Resource Initiative with NASCUS to create a strong and vibrant state-charter system. Grounded in a cooperative spirit, this initiative offers credit unions the ability to develop innovative solutions while staying flexible and efficiently serving their members.”
NASCUS said support is being solicited on three levels: Champions, Leaders, and Partners. Additional information can be found by clicking here.