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News Now

Washington
NCUA sends letter about N.C. dual exams
ALEXANDRIA, Va. (2/13/12)--Dual examinations of North Carolina's state-chartered credit unions has ended for 2012, the National Credit Union Administration (NCUA) confirmed in a letter sent to those credit unions last week.

The agency discontinued its coordinated examinations with the North Carolina Credit Union Division, opting instead to begin separate exams for state-chartered federally insured credit unions in the state, after Raleigh, N.C.-based State Employees' CU got authorization from its state regulator and disclosed its state-issued CAMEL score earlier this year.

This action "violated the trust of confidentiality of CAMEL ratings," the NCUA said. The agency defended its decision to conduct dual examinations of North Carolina credit unions, saying they were needed to protect the National Credit Union Share Insurance Fund and the credit union system.

NCUA Chairman Debbie Matz last week said the NCUA's decision to examine North Carolina state-chartered credit unions was not meant to be burdensome.

NCUA staff said the dual exams only required a minor cost outlay, and the agency would not increase its assessment to pay for the exams.

For the full NCUA letter and prior News Now coverage of the issue, use the resource links.


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