Metsger Addressed Oregon Credit Union Advocates

NCUA Vice Chair Rick Metsger spoke to key credit union advocates during last week’s 2016 Legislative Lunch at the Oregon Capitol. It was a return to his former stomping grounds, where he served over a decade in the Oregon State Senate.

He acknowledged that NCUA received thousands of letters from bankers in opposition to its proposal to improve Field of Membership (FOM). If implemented, the rule could provide millions more Americans access to not-for-profit financial services from credit unions. The orchestrated campaign against the proposal was no surprise to the NCUA’s second-in-command.

“Those who compete with you in the financial services sector think that this is the end of the world,” Metsger said.  “The banks that still control 96% of all assets in the United States are still upset that they don’t have that other 4%.”

Congress, Metsger said, “gave us responsibility to see that our rules are contemporary with what the American consumer wants, and with what your members want.”

To that end, he said, NCUA has promoted modernized and more flexible Field of Membership, Member Business Lending and Risk-Based Capital rules. As for the battle cry the bank lobby has taken up in response—that the regulator doesn’t have the authority—Metsger fires back.

“About 90% of the things you’re telling me you want, we can do here. So let’s get together, let’s put our shoulder to the wheel, and let’s do what we can within our authority,” he said.

Questions about this story? Contact Lynn Heider: 503.350.2225, lheider@nwcua.org.

Posted in NCUA.