Markets Wired

ALEXANDRIA, Va. (May 18, 2016) – Credit union system stakeholders will have an opportunity to hear National Credit Union Administration Board Members discussing issues prior to taking action under a new procedural direction announced today by NCUA Board Chairman Rick Metsger.

“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. “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.”

The first briefing is scheduled for the May 19 open Board meeting and will cover agency plans to modernize the Call Report and Profile and the system for reporting and storing credit unions’ information. Metsger said that, in the future, when time allows, NCUA Board meetings will include briefings in order to give Board Members a chance to talk about evolving issues.

“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.”