Credit Union Times - Centennial Edition - (Page I17) oPiNioN (continued from previous page) acts. Today there are 47 state credit union acts and more than 3,000 state-chartered credit unions. As regulators and credit unions respond to unpredictable events in the coming years, let’s continue to value the innovations and regulatory solutions that can be developed at the state level and applied throughout the system. During this economic crisis, individual states have developed best practices and innovative solutions to help their credit unions and members get through this tough time. The National Association of State Credit Union Supervisors (NASCUS) has acted as a conduit for sharing solutions among the states, encouraging the information exchange on what works best. This emphasis on sound regulation and best practices is one of the primary strengths of the state credit union system. As we move forward, we must continue to build on these strengths and the creative thinking that founded the credit union movement. The foundation of credit unions was built piece by piece by the states and then expanded by the creation of the federal charter with the passage of the Federal Credit Union Act of 1934. Dual chartering has made us a stronger movement, and it is essential that the dual chartering system be preserved as we navigate existing and future challenges. As the spotlight intensifies on regulatory reform measures, we need to ensure that Congress recognizes the strengths of the state credit union regulatory system and its continued effectiveness in a modern and increasingly more complex financial services industry. We expect that reexamining the nation’s financial regulatory system will be a priority for the 111th Congress. Legislators and policymakers must understand that eliminating dual chartering will strip the movement of its valuable diversity and choice–as well as 100 years of innovation, collaboration and regulatory and legislative advancements made possible by dual chartering. In the last 100 years, credit unions have grown with the financial services needs of their members. To remain successful and for safety and soundness reasons, NASCUS believes all credit unions must have complete capital reform including supplemental capital and riskbased capital requirements. In our communications and discussions with legislators and www.cutimes.com CeLeBrAtiNg 100 YeArS , SPeCiAL CeNteNNiAL editioN policymakers, we must be emphatic that capital reform need not alter the cooperative structure of credit unions but will instead solidify safety and soundness and expand their ability to serve members in times of need. We must point out that access to supplemental capital already exists for low-income and corporate credit unions. All credit unions should be given the opportunity to use it as well. Access to supplemental capital and a risk-based capital system will not change the structure of credit unions. Further, access to capital will help new credit union charters get off the ground. NASCUS and state regulators are proud of the advancements that credit unions have made in the last 100 years. We remain confident of the ongoing ability of the states to take a forward-thinking approach to ensuring the future success of the credit union industry through innovation and an unwavering emphasis on safety and soundness. Credit unions have an incredible history of success in the face of challenges and adversity. NASCUS will continue to work in partnership with state regulators and the credit union community to ensure continued success into the next century and beyond. Credit Union Times, December 2008 17 http://CO-OPFS.org/OfYouForYou http://CO-OPFS.org/OfYouForYou http://www.cutimes.com
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