NCUA, NASCUS Sign Document of Cooperation

ALEXANDRIA, Va.–NCUA Chairman JoAnn Johnson and National Association of State Credit Union Supervisors Chairman Linda Jekel Tuesday signed a Document of Cooperation, symbolizing federal and state regulators’ continued commitment to cooperatively ensure the safety and soundness of federally insured, state-chartered CUs. The Document of Cooperation is the formal agreement between NASCUS, on behalf of state regulatory agencies, and NCUA, as the federal regulator and administrator of the National Credit Union Share Insurance Fund. NCUA and NASCUS collaborated on revisions to the Document of Cooperation, last signed in 1998. “As partners in maintaining a safe, secure system of credit unions throughout the United States, NCUA and NASCUS underscore our resolve and collective sense of responsibility in signing this Document of Cooperation,” Johnson said in a press release. “The document solidifies and clarifies the elements, tools and interaction NASCUS and NCUA use day after day to ensure our nation’s credit unions remain safe, secure financial institutions, ready and able to serve their millions of members nationwide.” Jekel, who also is the director of the Washington Division of Credit Unions, said: “NASCUS and state regulators are pleased that we could sign an updated Document of Cooperation to formally recognize our continued commitment to the safety and soundness of credit unions and consultation between state and federal regulators. This agreement demonstrates the value of a cooperative relationship to the health of federally insured, state-chartered credit unions and to the insurance fund.”