National Credit Union Administration (CUNA) Board Chairman J. Mark McWatters highlighted accomplishments and urged credit unions to “reason together” at CUNA’s annual Governmental Affairs Conference in Washington, D.C., this week.
“When people trust you with authority, particularly the authority to govern or regulate, you need to listen, to answer questions, to think through consequences, and to work cooperatively,” McWatters said. “I have incorporated this approach into my professional life, adopting the mantra of ‘Come now, and let us reason together.’ Let the parties come and state their cases; let them negotiate and deliberate in good faith; and let them reach an amicable accord.”
The concept of reasoning together could also extend to community banks and their relationships with credit unions, McWatters added.
The Independent Community Bankers of America recently requested the Senate Finance Committee to hold a hearing to discuss the tax-exempt status of credit unions.
McWatters also highlighted some of the credit union industry’s accomplishments in the past year, including restructuring of the agency for greater efficiency and cost-effectiveness; championing a regulatory relief agenda, including a task force to identify unnecessary rules; and adding greater agency transparency and accountability.
Further, closing the Stabilization Fund resulted in $736 million distribution to credit unions and avoiding an approximate $1.3 billion Share Insurance premium.
“This has been a year of significant growth in the credit union system and significant progress at the NCUA,” McWatters said. “I am absolutely confident we can build on these accomplishments together. I am looking forward to the year ahead.”