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NCUA responds to CUNA Agency can improve exam process
WASHINGTON (4/20/12)--National Credit Union Administration (NCUA) Chairman Debbie Matz identified regulatory relief measures her agency is pursuing, in a letter this week to Credit Union National Association (CUNA) President/CEO Bill Cheney. Matz's letter was in response to a follow-up letter Cheney sent to the chairman after she appeared at the CUNA Governmental Affairs Conference in March.

The CUNA Executive Committee met with Matz during the GAC. "I believe those present would agree that the meeting produced useful discussions," Cheney said Monday, "although we all realize that there are many issues yet to be resolved regarding regulatory burdens, examination concerns and others."

Matz's letter indicates the NCUA will be pursuing a number of actions that CUNA urged on behalf of credit unions. They  include:

  • The agency is moving ahead with its proposal on troubled debt restructurings. Matz's letter acknowledged that CUNA's Examination and Supervision Subcommittee, and Accounting Subcommittee, along with leagues, played an important role in urging the development of the proposal.  A TDR final rule may be considered by the NCUA as early as May or June.
  • The NCUA is undertaking a review of its examination process.
  • While NCUA declined to issue a moratorium on issuing new regulations, the agency said it will "make every effort to draft rules that are as minimally burdensome as possible."
  • The agency will be reviewing its field of membership regulation.

Regarding the NCUA's review of its examination process, CUNA's Examination and Supervision Subcommittee hopes to meet regularly with NCUA's Director of Examination and Insurance Larry Fazio to develop and pursue recommendations for improvements. Also, CUNA will be closely monitoring developments in the areas addressed by the NCUA chairman's letter.

"I believe the letter from the NCUA board chairman overall reflects an increased awareness on the part of the agency to the merits of the issues and concerns that CUNA, leagues, and credit unions have raised,"  Cheney said.  He added that CUNA welcomes the steps the chairman has laid out.

In its meeting and communications with the NCUA, CUNA has urged the agency to direct examiners to take a number of actions that would result in a more effective and productive exam for credit unions as well as for the agency. Such steps include providing the authority that an examiner directive is based on and ensuring examiners refrain from aggressive tactics in their dealings with credit unions, which CUNA will continue to pursue.


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