NCUA To Hit Regulatory Pause Button

May 5, 2016 at 9:13 am Leave a comment

President Obama may have named Rick Metsger Chairman of NCUA’s Board(  but Board member J. Mark McWatters  has  served notice that he is ready willing and able to play a decisive role in blocking regulations as long as he remains with NCUA.

The transition to a two member board provides the NCUA an opportunity “to avoid heavy handedness” and tailor rules to outliers  he explained in a column explaining his  in NCUA’s May newsletter. (  In  other venues he has been even blunter,  explaining in a speech before the National Association of Credit Union Service Organizations  that Matz’s departure presents an opportunity to hit the ” pause button” on new regulations.  At the same time,  McWatters has indicated an interest in instituting an 18 month exam cycle.  Chairman Metsger has also consistently demonstrated an interest in  mandate relief.  The exam cycle might be an area of common ground.

Much of this comes as welcomed news to credit unions, even if the truly onerous regulations are coming from the CFPB these days.  But remember, there are some things that credit unions want done.  For example, NCUA still hasn’t finalized regulations making fields of membership for federal credit unions more flexible.    And the guidance to accompany NCUA’s new MBL framework is something the industry will need time to understand and implement.

Remember too that this regulatory hiatus may continue for quite some time. We are in an election year and I don’t see anyone in a rush to replace Matz .This means that  if and when McWatters gets to move over to  the Export-Import Bank Chairman Metsger could be a very lonely man.

What happens if there is something that really has to be done? Only the shadow knows

Entry filed under: General, Regulatory. Tags: , .

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Authored By:

Henry Meier, Esq., General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association.

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