PEWAUKEE, Wis. — CUs from across Wisconsin met Tuesday with NCUA Chairman Debbie Matz at the request of U.S. Rep. Sean Duffy.
A Republican, Duffy is a member of the House Financial Services Committee. Matz visited his home state at his request to discuss issues facing CUs and the 2.4 million CU members in Wisconsin.
In addition to a conversation with Matz, participants were also able to discuss a variety of examination issues with NCUA Region 1 Director Larry Blackenberger, NCUA director of Examination and Insurance Larry Fazio, and Wisconsin's Office of Credit Unions director Kim Santos. Topics of discussion included risk-based capital, cyber security, enterprise risk management, member business lending, call reports, loan participations, CU service organizations and more.
"Credit unions welcome this tremendous opportunity to dialogue because open communication helps ensure regulators fully understand the impact their decisions have on consumers, their access to credit and the cost they pay for financial services," said Brett Thompson, president and chief executive of the Wisconsin CU League.
The Wisconsin League pointed out in a statement that most CUs in the state are state-chartered, meaning that most of the regulatory authority falls on the state's Office of Credit Unions. But it also noted that the visit with Matz was vital because NCUA insures CU deposits and conducts insurance reviews of the state's credit unions in conjunction with the state office to ensure safety and soundness.
"We are extremely grateful to Rep. Duffy not only for listening to credit unions' concerns about their operating environment — which has been strained by massive changes in regulatory burden over the past several years — but also for appreciating the effects this pressure has put on the wallets of Wisconsin consumers in general and those in his district in particular," Thompson said.
