National Credit Union Administration Chairman Norman D'Amours on Monday defended a controversial proposal to beef up credit unions' reporting of securities investments.
In a speech at the Credit Union National Association's governmental affairs conference, Mr. D'Amours dismissed criticism that the proposal would demand too much investment knowledge and involvement from the industry's volunteer boards.
"This isn't rocket science," Mr. D'Amours told an audience of more than 2,000. "There is nothing in this regulation that an average American person with an interest can't understand."
As the administration reduces the regulatory burden on credit unions, Mr. D'Amours argued, it must increase supervision to avert a crisis similar to that experienced by the thrift industry.
"As long as deregulation is going on, there has got to be a matched increase in supervision," he said. "This (rule) is going to put directors in a position to better and more frequently judge the results of investments ... on the credit union's bottom line."