Posted July 15th, 2013 No Comments
Metsger: ‘Effective’ Not ‘Excessive’ Regulation Needed

Rick Metsger the nominee for the open seat on the NCUA Board recently appeared a confirmation hearing by the Senate Banking Committee. While much of the committee’s attention was paid to others being considered by the committee for various nominations (including Federal Housing Finance Administration and Securities and Exchange Committee nominees). By all accounts Mr. Metsger handled himself very well in the time he had to respond to senators’ limited questions. His tenure on the board could begin soon; there is a plausible path of his nomination being confirmed by a vote in the Senate next month.

If confirmed, Metsger – who served as Oregon state senator from 1999 to 2011, where he chaired the Oregon Senate committee that heard all financial institution legislation — would fill the vacant NCUA board seat created when former member Gigi Hyland exited last year. Also in Oregon, he was a member of the board of directors at Portland Teachers CU from 1993 to 2001 and has also been a board member of Financial Beginnings, a nonprofit focused on increasing students’ financial literacy.

“If confirmed, I will add a fresh set of eyes to policies old and new to reflect that diversity [of experience],” Metsger said during the hearing.

He said he believes that the financial crisis has shown that rules for credit unions need to be modernized to be contemporaneous and cited four areas of risk. These include interest rate risks, emergency liquidity risks and risks presented by technology. He also indicated that he wants to minimize regulatory burdens on credit unions.

The next step is for the Senate Banking Committee to vote on his nomination and send it to the full Senate for its consideration.

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