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Washington
CUNAs Cheney addresses supervisory other issues
WASHINGTON (8/5/10)--While the Credit Union National Association (CUNA) appreciates the National Credit Union Administration’s (NCUA) move toward establishing a national registry of potential credit union merger partners, CUNA President/CEO Bill Cheney said that the NCUA should also work to address due diligence and loss-sharing incentives as it further refines its approach to the merger process. In a letter that was sent to all three NCUA board members, Cheney said that the agency also should provide credit unions with greater information on how it works with assorted state regulators in the event that a dual-chartered credit union is involved in a merger. CUNA also recommended that NCUA provide greater detail on its criteria for selecting which credit unions on the merger partner registry should serve as acquirers. Many credit unions are concerned by the NCUA’s increasing use of documents of resolution, letters of understanding and agreement, and cease and desist orders in its supervisory activities, Cheney said, recommending that NCUA further examine some of its own supervisory practices. CUNA’s supervisory working group will examine these and other NCUA practices, and will develop a report that reviews the rights and responsibilities of credit unions during material disputes with examiners. The report will clarify some current NCUA examiner practices and will provide future recommendations to the NCUA, Cheney added. For the full letter to the NCUA, use the resource link.


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