ST. PAUL, Minn. – Twenty-five credit union CEOs from around Minnesota, along with representatives from the Minnesota Department of Commerce and NCUA, had a frank conversation with NCUA Vice Chairman Rick Metsger. Organized by the Minnesota Credit Union Network and hosted by Wings Financial Credit Union in Apple Valley, the roundtable event provided an open format for CEOs to discuss various issues, obstacles and opportunities their credit unions face.
Questions and comments from CEOs ranged in topic from Risk-Based Capital and field of membership concerns, to member business lending and cybersecurity. Credit unions are encouraged by the NCUA to understand the risk these issues bring to their balance sheets, and then manage that risk.
“The most important letter in CAMEL is ‘M’,” said Metsger.
Metsger noted he is hopeful the NCUA will have a final Member Business Lending (MBL) regulation issued within the next three months. He also shared his thoughts on how NCUA’s field of membership initiative may evolve. Some changes he would like to see include providing federally chartered credit unions “multiple [field of membership] options to accomplish what you want to do with your strategic plan.”
The NCUA budget was also discussed. Metsger noted the efforts his department has taken to improve efficiencies where they can, and use technology to make things easier on both examiners and credit unions. He encouraged credit unions to review the NCUA budget online and make suggestions and recommendations.
“We are fortunate to have the opportunity to have a frank and honest conversation with our head regulatory agency,” said Mark Cummins, Minnesota Credit Union Network President and CEO.
Following the roundtable, Metsger toured Star Choice Credit Union at its Bloomington headquarters.