WASHINGTON — NCUA chairman Debbie Matz and other top financial regulators met with President Obama in a private meeting at the White House Monday to discuss the safety of the system.
Josh Earnest, the White House's top spokesman, told reporters that the president "urged regulators to maintain focus on ensuring that prudent capital cushions are in place, particularly for the largest and most complex financial institutions and global firms, to provide further protection for the U.S. financial system."
Obama, according to Earnest, also "urged participants to consider additional ways to prevent excessive risk taking across the financial system as they continue to work on compensation rules and capital standards."
After months of debate on the NCUA's proposed risk-based capital rule, Matz recently announced that she would request a revised rule be issued along with a new comment period because of "significant structural changes being considered."
At Monday's meeting, participants also discussed existing budgetary constraints for the market regulators and reiterated the need for additional resources and stability of funding to help protect middle-class families, safeguard the financial system, pursue bad actors, and fulfill their missions, according to the White House.
Other participants in the meeting, which was held in the Roosevelt Room, included Janet Yellen, chair of the Federal Reserve; Mary Jo White, chair of the Securities and Exchange Commission; Martin Gruenberg, chair of the Federal Deposit Insurance Corp.; Mel Watt, director of the Federal Housing Finance Agency; Richard Cordray, head of the Consumer Financial Protection Bureau; Timothy Massad, chair of the Commodity Futures Trading Commission; and Thomas Curry, the comptroller of the Office of the Comptroller of the Currency.
An NCUA spokesman declined to comment on the meeting.
