Metsger gets a controversial question at confirmation hearing
06/27/2013 10:04 am
NCUA Board nominee Richard Metsger discusses his testimony with Northwest Credit Union Association CEO Troy Stang during a recess. Photo courtesy of CU Times.
According to CU Times, NCUA Board nominee Richard Metsger expressed the need for more contemporary regulations at Thursday's confirmation hearing before the Senate Banking Committee. Metsger explained that one of the key lessons is that regulators should be watchful in good times and bad. Additionally, he said the NCUA’s regulations need to be modernized to look for threats in the modern marketplace. Interest rate risk topped his list of threats.
Metsger also dodged a controversial question on onsite coverage. The question deflected by Metsger was: is raising the member business lending cap a good idea? Metsger's response was, “I think it’s a good idea to recognize the purview of Congress to make such decisions."
No word yet if his answer, or lack thereof, will impact his confirmation. Metsger must receive a majority vote by the full Senate before he is sworn in. If confirmed, Metsger would assume the seat left vacant after Gigi Hyland's term expired. He would then serve for four years.