In response to credit unions' increasing frustrations with regulatory exams, CUNA has developed a bill of "examination rights," which is detailed and cross-referenced to NCUA's own examiner guide. The 64-page guidance document titled Supervisory Issues and Examinations: Guidance For Credit Unions During The Current Economic Times And Beyond, CUNA lists 24 "examination rights," which include such things as the right of credit unions to "manage risk without being directed by examiners to eliminate it," and "appeal examiner findings, conclusions, or directives without retaliation from their regulator," among others.
"A prime objective of this Guidance is to assure credit unions they have options in responding to most supervisory issues and when they feel an examiner has overstepped his or her authority," said CUNA President/CEO Bill Cheney.
The publication also includes sections dealing with general duties of examiners; credit union examination concerns, which are based on survey responses directly from credit unions; handling disagreements with examiners; and recommendations - for both credit unions and NCUA alike - for improving the examination process.
"This Guidance is the culmination of many months of work by credit union and league leaders," said Paul Mercer, President/CEO of the Ohio Credit Union League, and chairman of the CUNA Supervisory Issues Working Group, which led the work on the volume.
To access Supervisory Issues and Examinations: Guidance For Credit Unions During The Current Economic Times And Beyond,visit http://www.njcul.org/cunas-bill-of-examination-rights.aspx. Because this document is available for member credit unions only, it is password protected. Need a login? Click "Member Login" on the League home page and request a username and password.
To read the full CUNA News Now story visit http://www.cuna.org/newsnow/11/wash011411-1.html.
Source: CUNA News Now