News Release: Annual League Event Commences with State-Chartered Roundtable

(May 21 - Latham, NY) – Representatives from the New York State Credit Union League, New York credit unions, the National Credit Union Administration (NCUA) and the New York State Banking Department participated in its yearly state-chartered credit union roundtable to kick-off the League’s 2008 Annual Meeting and Governmental Affairs Conference (GAC) this week in Albany, NY.

This annual event was created specifically to address regulatory and legislative issues that face New York’s state-chartered credit unions.

Moderating the roundtable was the League’s Associate Counsel and Director of Compliance Henry Meier. Attending the event from NCUA was Region I Director Mark Treichel. Legislative Counsel Tom Barletta participated on behalf of the New York State Banking Department.

First to address the gathering was Treichel who pointed out that credit unions have done a good job avoiding most of the mortgage related problems that have impacted other segments of the financial services industry.

NYSCUL participants questioned him about the regulatory impact of NCUA’s increased emphasis on third party due diligence as well as the pending implementation of new regulations related to identity theft.

With regard to state level issues, the credit unions took the opportunity to emphasize the importance of state regulators utilizing the new Wild Card powers.

Members emphasized that this could be an important tool for both attracting and retaining state charters and that the department has been slow in considering new powers for credit unions.

"The meeting underscored how united our members are in advocating for a strong dual charter system," said Meier. "The Legislature　has made important strides in strengthening its credit union charter and our state chartered credit unions are　the best advocates we have for making sure that regulators take full advantage of these changes."

On the legislative front, Barletta emphasized that subprime lending legislation is likely to be one of the key banking issues in the closing months of the Legislature.

The New York State Credit Union League (NYSCUL) has served as the trade association for the state’s credit unions for 91 years. It is the fifth largest league in the country. New York credit unions have assets of more than $39 billion and 4.2 million members. To learn more about the League, visit www.nyscul.org.

Mark Treichel, director, Region 1, NCUA, listens to credit unionists discuss third party due diligence at the League’s annual state-chartered roundtable in Albany this week.

New York State Banking Department Legislative Counsel Tom Barletta (center) talks about the department’s desire to make the state charter more desirable to credit unions in the state during a state-chartered roundtable discussion held by the New York State Credit Union League in Albany at the beginning of the week. Pictured with Barletta are (l-r): Thomas G. Siciliano, Esq., general counsel, Municipal CU and the League’s Associate Counsel and Director of Compliance Henry Meier.