“We are excited to work with you in your new role during a period of relative strength and health of the credit union system,” wrote Nussle. “This is due in no small part to the disciplined efforts of our nation’s credit unions. It is also a result of the collaborative relationship between the industry and the NCUA. We appreciate the willingness of the Board under Chairman [Todd] Harper’s leadership to engage with credit unions to identify and reduce unnecessary regulatory burden where possible.”
Nussle urged Otsuka to consider addressing field of membership reform, sensible oversight for the NCUA’s budget and the Share Insurance Fund, and “to refrain from needlessly increasing its focus and expenditure of resources on activity related to consumer protection without sufficient reason to do so.” Additionally, he called on Otsuka to ensure that regulations do not impede credit unions’ ability to remain competitive in the financial services marketplace. He also expressed the importance of working with other federal regulators that have a hand in credit union operations.
America’s Credit Unions will continue to engage the NCUA and work to provide the best regulatory environment for credit unions.