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CUNALeagues respond to CU concerns on supervisory issues
WASHINGTON (9/7/10)--The Credit Union National Association (CUNA) has announced the development of a new website, entitled "Exam and Supervisory Issues," to respond to the supervisory concerns of credit unions nationwide. CUNA President/CEO Bill Cheney said that CUNA has long supported “strong but reasonable” supervision. The site, which will be accessible through the "Top Initiatives" section of CUNA's home page, will include an incident reporting form. The incident reporting form, which credit unions may complete online, will allow credit unions to detail their most recent examination experiences and problems they may have encountered with their examiners. Ohio Credit Union League President and Chairman of CUNA's Supervisory Issues Working Group Paul Mercer has said that the addition of the incident reporting form will "enable CUNA and the leagues to help document issues credit unions are raising regarding examination concerns and to provide summary information to regulators that will document these concerns with concrete information and examples." Credit unions' confidentiality will be protected and only summaries will be provided to regulators, without identifying individual credit unions, he added. Cheney noted that the Exam and Supervisory Issues site will be expanded in coming weeks to include a Credit Union Bill of Examination Rights, as well as a policy addressing reasonable expectations for credit unions, examiners, and regulators regarding supervisory and related issues. The policy, which is still under development, and the Bill of Rights will both reflect broad input from CUNA’s Governmental Affairs Committee and its Supervisory Issues Working Group, including league attorneys serving on the group. The CUNA Board will review the policy later this month. The site also will include a 'commentary' report on the scope of credit unions' concerns, regulators' responsibilities and credit unions' authority to provide alternative solutions in response to examiner directives. "Credit unions want their regulators to do their jobs and to help contain National Credit Union Share Insurance Fund costs, but credit union officials also need to be able to do their jobs. Sometimes there is a fine line between credit unions being able to exercise their business judgments and examiners' expectations of how issues should be addressed," he added. "Working with the leagues, we want to make sure that credit unions have the resources and support they need to raise questions, as appropriate, to their examiners and receive reasonable answers, including the legal authority for examiner directives, and be able to offer alternative approaches the credit union feels are in the best interests of its members," Cheney stated.


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