WAUSAU, Wis. (WSAU) -- Financial leaders from around Wisconsin were in Wausau yesterday to meet with the Chairwoman of the National Credit Union Administration, or NCUA. That’s the agency that regulates credit unions nationwide.
Chairwoman Debbie Matz joined Congressman Sean Duffy in a session with credit union representatives at Northcentral Technical College Tuesday. Matz appreciates hearing from the institutions her agency regulates. “Listening sessions are always very helpful to me to hear from the credit union officials about what’s working, what’s not working, and what we can do better.”
During the session, Matz says Wisconsin credit union officials had both comments and questions. “They had some questions about our rule on business lending, and some suggestions perhaps for changes that either we can make, or some that are Congressional in nature that Congressman Duffy has agreed to look into.”
Matz says the credit union professionals did offer suggestions to ease the burden of certain regulations. “There was specific rules that they’d like us to change, and in some cases, there’s specific statutes that they’d like to change. We have no control over the statutes, but in terms of the rules, we’ll go back, we’ll take a look at the rules and we’ll see what we can do.”
In early July, F.D.I.C Chairman Martin Gruenberg was in Wausau with Congressman Duffy, and he said the banks had money to lend but demand was lower than they would like it to be. Matz says the credit unions are not experiencing a slow lending period like some banks. “No, we’re not. In fact, lending continues to increase quarter after quarter with the credit unions, and I’m pleased to say that during the financial crisis, credit unions continued to lend even when other institutions didn’t or couldn’t, so credit union lending is pretty brisk right now.”
Congressman Duffy says he feels fortunate that the financial regulatory leaders were willing to come to Wisconsin and discuss how their actions affect business here. He says it’s important to the overall economy and job creation to keep money available for businesses and individuals. “There’s a lot of similarities on the regulatory regime from both the banks and the credit unions, but for us, it’s important to note that if the financial sector, the small community banks and the credit unions work well, capital flows into our communities. Businesses can expand. They can buy new equipment. A small entrepreneur can start a business. A family can buy a home or a new car. All of these things flow to economic growth and more job creation, and better jobs for us.”