" We don't need any more victories like H.R. 1151," said Patrick McQueen, commissioner of the Michigan Financial Institution Bureau Wednesday at the Michigan CU League Governmental Affairs Conference in Lansing.
The CU Membership Act has borne "another layer of regulation in an area that wasn't previously regulated"--namely member business lending and prompt corrective action, McQueen told more than 80 credit union staff and elected officials.
The cost of the new regulation will be "onerous," McQueen said. "We have to look at the same issue (H.R.) 1151 and field of membership very seriously and the baggage that came with it," he said.
On the issue of prompt and corrective action, McQueen said it means: "When capital levels at credit unions fall, the regulator loads the gun. If they continue to fall, the regulator (cocks) the gun. Should the levels fall further, the trigger is pulled."