Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
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.”
Other Resources

RSS print
News Now LiveWire
Why is a #creditunion a good fit for you? http://t.co/i4pGT98mkT via @MONEY
9 hours ago
The numbers are in: Home Depot data breach impact on #creditunions = $57.4 million, 7.2 million credit/debit cards http://t.co/jorYSOYuxj
10 hours ago
.@Nussle : We'll back off when retailers accept their breach responsibility #NewsNow http://t.co/7WxDXicb6j
12 hours ago
RT @asmarterchoice: RT @daily_finance: Top 5 money management tips for 30-somethings http://t.co/mWRfDRSTE7
12 hours ago
Operational efficiencies focus of new @CUNA program #NewsNow http://t.co/qBYHKVYeQN
13 hours ago