Update on NCCUD/NCUA

A special message from Mary Martha Fortney, President and CEO,
March 2012

I want to provide an update on the NASCUS activity as it relates to the examination programs of National Credit Union Administration (NCUA) and the North Carolina Credit Union Division (NCCUD).

NASCUS has discussed this issue in depth and many perspectives have been shared with NASCUS on this issue. State agencies operate within the bounds of their state laws, and have the right to exercise authorities granted by their legislature. However, public policy and safety and soundness concerns support the long standing practice among regulators that an institution's CAMEL rating should be confidential. 

NCCUD as the regulator, and NCUA as the insurer, have supervisory responsibilities for the safety and soundness of the state-chartered credit unions in North Carolina. NASCUS continues to urge the NCUA and NCCUD to work toward a resolution of their issues.

I encourage you to contact me with your feedback at marymartha@nascus.org with your questions and comments.