ALEXANDRIA, Va. (5/1/08)--State credit union league representatives this week raised objections with National Credit Union Administration (NCUA) Chairman JoAnn Johnson over key provisions in the agency's Outreach Task Force Report and the recent Advance Notice of Proposed Rulemaking (ANPR) on corporate governance issues. "We raised a number of concerns about the report, particularly as they relate to the recommendations to report senior executive compensation information to members, which AACUL and the Credit Union National Association (CUNA) strongly oppose," said AACUL Chairman Roshara Holub. Holub is president/CEO of the Missouri Credit Union Association. New York State Credit Union League President/CEO William Mellin and Kentucky Credit Union League President/CEO Wendell Lyons also participated in the Monday meeting at NCUA headquarters in Alexandria, Va. Among the group’s concerns:
* The agency’s use of information it collects on membership profiles, services and compensation; * The report’s timing and potential implementation during a period of economic distress; * The agency's ability to protect information it collects; and * Virtually no abuses within the credit union system exist related to compensation.
Regarding the ANPR, the group emphasized that new regulations are not needed at this time but would be willing to discuss guidance on a few key issues, such as the definition of credit union officials' "fiduciary duties." The comment period on the ANPR closes today. "We have coordinated closely with CUNA on the report and ANPR will continue to do so going forward," said Holub. "We believe that Chairman Johnson in good faith will fully consider our concerns." CUNA Deputy General Counsel Mary Dunn also attended the meeting. Along with Chairman Johnson, Director of Public and Congressional Affairs John McKechnie, Deputy Director Larry Fazio and Special Assistant to the Chairman Peter Barrett also participated. Use the resource link below for more information.