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Exam chartering initiative unveiled by NCUA
ALEXANDRIA, Va. (10/31/08)—Two regulatory initiatives were unveiled Thursday by the National Credit Union Administration (NCUA): one intended to beef up risk-based exams and the other to centralize the process for chartering new financial cooperatives. NCUA Chairman Michael Fryzel used the occasion of his agency’s eighth annual public budget review to announce the changes.
Click to view larger imageDuring yesterday's Eighth Annual NCUA Budget Briefing, CUNA represenative Tom Gaines presents to the NCUA Board. From left: NCUA Board Vice Chairman Rodney Hood, NCUA Chairman Michael Fryzel and NCUA Board Member Gigi Hyland. (Photo provided by CUNA)
The increased frequency of exams, Fryzel said, is in response to the “complexities and volatility of the financial marketplace.” The NCUA’s chartering function would be consolidated from its regional offices and centralized at its headquarters in Alexandria, Va. as of Jan. 1, 2009, under the chairman’s proposal. “It is anticipated that the centralized evaluation will be more streamlined, and will also enable the Regions to devote additional time and resources to the examination process. The proposal will be placed on the agenda for board consideration at its November meeting,” Fryzel said. He added, “I will continue to review every facet of the agency in order to make us more efficient and effective in fulfilling our public policy function.”
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