As Prepared for Delivery on September 23, 2021
Thank you, Cherie and Julie, for your presentation.
I am glad we are addressing this as it gives the state-chartered credit unions in Oregon greater clarity. Our job is to protect the share insurance fund, not make things harder for state-chartered credit unions. State chartering should always be a choice made by credit unions themselves, and NCUA shouldn’t do anything that makes state charters less attractive. The option of state charter is one of the only forms of competition that NCUA faces. More regulatory clarity is always helpful.
I’m aware that years ago, these sorts of requests were approved by the regions. It may be worth considering returning some power to the regions for decisions like this one. It’s not that there’s anything wrong with the board approving this request today.
But as a general matter, decisions are best made by those closest to those affected -- provided our Office of General Counsel is comfortable such a delegation is within the board’s authority.
Thank you, Mr. Chairman. This concludes my remarks.