ATLANTA-Dual chartering must be preserved to prevent the homogenization of corporate credit unions one state regulator says, and the current language in NCUA's proposed rule could jeopardize the system, one regulator is stressing.
"Obviously we need to focus on safety and soundness and there were issues in the corporate system that clearly got out of balance," Senior Deputy Commissioner of the Georgia Dept. of Banking George Reynolds explained. "But I think it is important to avoid overreaction and to make sure we continue to foster innovation in the system. Dual chartering system has proved its worth over the history."