Exam Survey Reaches across the Nation to All CUNA-affiliated Credit Unions
'Firm grasp' of process sought for both federal and state examinations
December 10, 2012
FOR IMMEDIATE RELEASE
Contact: Patrick Keefe
CUNA Communications, 202-508-6765
NOTE: The New Jersey Credit Union League (NJCUL) earlier today released results of its exam survey of credit unions in NCUA Region II. The news release below has more information on a similar survey CUNA is conducting of CUs nationwide.
WASHINGTON -- Credit unions across the country are completing and filing a survey of their recent experiences with regulator examinations, in a joint project by CUNA and the Leagues aimed at compiling a complete picture of current examination processes, and to assist CUNA and the Leagues in honing their advocacy efforts for credit unions before regulators on exam-related issues.
Notices that the survey was "live" online were sent by CUNA to every affiliated credit union in the nation the first week of December (that is, except for credit unions in Region II, which had already completed the survey process in a project coordinated by the New Jersey Credit Union League earlier this year). Deadline for completing the survey is Dec. 15 - but more time to complete and file may be made available to credit unions that are dealing with the holiday rush.
"Advocating on behalf of credit unions to improve the examination process is one of the highest priorities of both CUNA and the leagues," said CUNA President and CEO Bill Cheney. "A firm grasp of the current state of credit union examination process is needed to ensure that credit unions are effectively represented in discussions with the NCUA and state supervisory authorities."
The survey, which addresses issues related to NCUA-examined and state-examined credit unions (or both), covers such topics as length of on-site exam, how satisfied the credit union was with the exam and results, and which problem areas if any were noted by the examiner.
It also includes a series of questions to gauge how the credit union perceived the examiner's performance and the exam process, and asks what are the biggest issues credit unions would like CUNA and their leagues to focus on to reduce regulatory compliance burdens.
The exam results will serve as a tool for CUNA and the Leagues to work constructively with regulators on improving the examination process and ensuring there is consistency in how regulations are applied by examiners.
In addition to being emailed to credit unions, the examination survey has been posted in the "top initiatives" section of CUNA's home page, the "hot topics" section of the CUNA Regulatory Advocacy home page, and the "regulations and compliance" section of the CUNA homepage.
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With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves 90 percent of America's 7,200 state and federally chartered credit unions, which are owned by more than 95 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or the CUNAverse blog and follow @CUNAverse on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter.