In what is believed to be a first, National Credit Union Administration board members will be briefed in public on plans related to a still-under-construction rule change.
The new policy is being unveiled at what will be Rick Metsger's first NCUA Board meeting as chairman, and is a step toward added transparency at the regulatory agency. It also addresses an issue that former NCUA Board Chairman Debbie Matz and Board Member J. Mark McWatters had been known to spar over at past meetings: that briefings weren't always done in a manner that provided enough opportunity for all board members to deliberate and have input.
"Due to federal sunshine laws, and the fact that NCUA has never had more than three board members, we cannot deliberate on policy issues, except at open meetings," Metsger said in a statement. "What we're doing is giving board members an opportunity to talk directly to one another, exchange thoughts and ideas. It also provides the broader credit union community with insight into our thought process. Since no action is being taken, stakeholders will also have the opportunity to consider our discussion and provide early input before any rulemaking begins."
This first public briefing, slated for Thursday's open board meeting, will cover the agency's plans to modernize the Call Report and Profile system for reporting and storing credit unions' information. The only other item on the meeting agenda is the quarterly report on the corporate stabilization fund.
"If these initial briefings and discussion are valuable because they provide stakeholders with better visibility into the workings of the agency, I'd like to expand the practice," Metsger said. "When a board agenda is light enough that it gives us the luxury of time for thoughtful analysis and discussion while providing greater visibility to the regulated community on what we're contemplating, I want to take advantage of that opportunity."
