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News Now

Washington
CUs surveyed on regulatory exam process
WASHINGTON (8/7/08)--The Credit Union National Association (CUNA) is circulating a survey to 2,000 credit unions to determine the areas of concern they have with the routine examination process. The two-page, 16-item questionnaire asks participants about their recent examination histories and experiences. However, it also queries specifically to what extent the credit union has pursued such actions as informally questioning examiner findings, refusing to agree to an item in a record of action, submitting a written response to an examination report, or requesting a different examiner, among other things. The purpose of the CUNA poll is to elicit credit union concerns regarding the regulatory examination process, according to CUNA Regulatory Affairs Senior Vice President Mary Dunn. In a letter accompanying the survey, CUNA President/CEO Dan Mica and CUNA's Examination and Supervision Subcommittee Chairman Tom Gaines write: “The annual examination by a state agency or the National Credit Union Administration can be one of the highest impact events on a credit union's calendar.” “As part of our ongoing effort to improve the examination process, CUNA's Examination and Supervision Subcommittee is collecting information about examination practices and credit union perceptions of examiners and examinations.” Gaines is president and CEO of the Tennessee Credit Union League. Separate, but similar, polls are being sent to federal and state-chartered credit unions. Replies will be held in confidence. Once poll results are in, CUNA will execute computer analysis and the questionnaires will be destroyed at the study's completion, said CUNA’s Dunn. Summary results will be published.


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