Although ‘Data Collection’ Unnecessary, Changes Show NCUA Listening to CUNA

May 22, 2008

FOR IMMEDIATE RELEASE
Contact: Patrick Keefe -- (202) 508-6765
pkeefe@cuna.com

Statement by CUNA President and CEO Dan Mica
On NCUA Board approval of ‘data collection’ program

“We remain unconvinced that a ‘data collection’ process is necessary. In fact, the position taken by Vice Chairman Hood, in explaining his opposition to the data collection program, reflects the movement’s concerns including those raised by credit unions, the Leagues and CUNA about aspects of the initiative and its timing, given the poor economy.

“We acknowledge, however, the changes and clarifications agreed to and approved by Chairman Johnson and Board Member Hyland in voting for the program. It is clear that they were listening to us and acted on several of our concerns (such as assuring credit unions that examiners will not be able to use the data to create “report cards” on individual credit unions, delaying the start of the program until the beginning of next year, and extending the program over a 24-month period).

“Still, many credit unions have expressed to us their own concerns about data collection, and it is our intention to recognize and honor their apprehensions. We will carefully monitor the development of this program.”

Copyright © 2008 - Credit Union National Association, Inc.