League Launches 2nd Quarter NJ READ Exam, Regulatory Survey

Posted by Marissa Anema Wednesday, May 30, 2012 10:47:00 AM

 

HIGHTSTOWN, N.J. – Today, the New Jersey Credit Union League launches its 2nd quarter NJ READ (New Jersey Regulatory Education, Assistance and Development) examination and regulatory survey. Responding to the survey is easy and only takes 15-30 minutes of your time. You don’t have to wait until your next exam to participate! 

The survey is broken up into sections that cover a credit union’s past examination and/or follow-up visitation by NCUA examiner(s), as well as current regulatory matters that are important to industry, and finally, a chance to comment on key agency proposals. If you have already answered the exam portion on the 1st quarter NJ READ survey you can go straight to completing the profile section and then click “next” to skip to the regulatory sections of the survey. Click here to begin the survey (https://www.surveymonkey.com/s/NJREADQ2).

On April 9th, the League and NJ READ representatives met with NCUA regulators regarding the 1st quarter survey results. The meeting was productive and effective. Regulators have committed to moving toward solutions such as requiring examiners to provide credit unions an introductory email in advance with a short bio and information about the intended visit.

YOU make the difference in having credit unions’ collective “voice” heard through the regulatory quagmire credit unions are currently stuck in, but only IF you take the time to complete the NJ READ Survey.

The NJ READ Survey is intended to capture primarily ‘non-anecdotal’ and some ‘anecdotal’ data that the League will compile in a report to share with and educate regulators. The survey was designed to provide credit unions an outlet to express concerns and share exam experiences with the goal to drive the process toward an improved regulatory environment and identify best practices that would benefit some credit unions.

The deadline for completion of the survey is July 6, 2012.

Please note: We will not share any specific CU exam findings by name. The intent is to alert NCUA and other regulatory agencies to exam practice trends in our state. Your CU’s individual responses will not be identified. All information will be aggregated. We have alerted NCUA that we are engaging in this survey, and they have committed to evaluating the results and working with us.

For more information on NJ READ, including reports, meeting dates, updates, and resources, visit the League Web site at www.njcul.org/njread.aspx.

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