Matz Unveils New Initiatives

Speaking before the National Association Federal Credit Unions Annual Convention, NCUA Chairman Debbie Matz identified some initiatives that the agency is going to rollout this fall.

Matz said: "For example,

• We’re planning to expand the districts that comprise rural fields of membership.

• We will soon be approving video teller machines as service facilities for federal credit unions to reach new employee groups and underserved areas.

• We’ll consider allowing credit unions to buy Treasury Inflation Protected Securities (TIPS).

• We’re looking at removing the requirement for personal guarantees on certain member business loans.

• We’re evaluating whether to allow federal credit unions to increase the maximum application fee for short-term small loans so it would be more cost-effective to offer alternatives to payday loans.

• And we’re studying the impact of increasing the definition of a “small” credit union... so that more credit unions could receive regulatory relief and technical assistance from NCUA."

She also announced the creation of the new Office of National Examinations and Supervision. This office will oversee the nation’s largest consumer credit unions – those over $10 billion in assets – and also assume supervision of corporate credit unions.

Read the speech.