McWatters said that Congress could bolster consumer access and better protect credit unions and members by making legislative changes.
Notably, he encouraged lawmakers to make changes to the Federal Credit Union Act increase credit union access for more underserved households. McWatters’ other recommendations included allowing chartering of web-based communities and permitting credit unions to add people living in a census tract where current projections would indicate they qualify as low-income.
McWatters explained that NCUA is the only federal financial institutions regulator that does not have authority to examine and supervise third-party vendors, and he urged Congress to correct that.
McWatters described NCUA’s progress in reducing regulatory burdens on credit unions and making the agency more efficient, effective, transparent and accountable, while continuing to protect more than 114 million credit union members and the safety and soundness of the National Credit Union Share Insurance Fund.
For more information, visit NCUA’s website.