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News Now

CU System
N.C. governors plan keeps CU Division independent
RALEIGH, N.C. (12/13/10)--North Carolina Gov. Beverly Perdue Wednesday announced her proposal for major government restructuring to alleviate the state’s estimated $3.7 billion shortfall. The governor’s plan does not include consolidating the Credit Union Division with other regulators. The plan’s four steps include consolidating and privatizing some departments, eliminating some functions in all departments, freezing hiring of non-critical jobs, and reviewing more than 400 boards and commissions with a goal of trimming them to 150, the North Carolina Credit Union League said in its newsletter Weekly Update (Dec. 10). Of importance to North Carolina’s credit unions, Perdue’s initial proposal maintains the Credit Union Division as an independent regulator for state-chartered credit unions and does not consolidate the division with the Office of the Commissioner of Banks. However, the league said it will continue conversations with the state’s legislative and executive branches about the consolidation and elimination of agencies and commissions. The North Carolina Credit Union Division ensures the safety and soundness of the 52 state- chartered credit unions that serve more than two million members. Since its establishment in 1915, it has operated exclusively from fees paid by state-chartered credit unions. Consolidation with the Office of the Commissioner of Banks would result in no cost savings for the state, the league said. “State-chartered credit unions are thriving under their current regulator, who has fostered progressive partnerships among credit unions,” said Lauren Whaley, league director of legislative and regulatory affairs. “We are concerned that the orientation of a combined regulatory agency would erode the individuality of credit unions as member-focused institutions and maintain that state-wide consolidation efforts should exclude the Credit Union Division, leaving it as an independent agency.”


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