WASHINGTON (3/27/14)--Based on results of the Credit Union National Association's ongoing
survey of credit unions' satisfaction with the federal and state examination processes, as of February 2014 more credit union CEOs were satisfied with their exams (58%) than dissatisfied (27%), although this finding has slipped slightly from 2012's results of 61% and 25%
The CUNA survey also found that:
Agency exam teams received positive ratings on a number of items. They included: giving credit union management the opportunity to comment on or respond to examination findings before they were shared with others; being knowledgeable about the credit union being examined; being knowledgeable about key safety and soundness issues and regulatory requirements; and taking time to discuss preliminary exam findings prior to the exit meeting.
Four of five survey respondents agreed that heavier regulatory and examination requirements are putting increasing pressure on credit union resources. Many credit unions also complained of the sometimes excessive use of DORs and of instances in which examiners applied "best practices" as a regulatory standard and/or applied "guidance" as if it were enforceable regulation.
CUNA continues to encourage credit unions to participate in the survey--even if they have done so for prior exams--weighing in on the strengths and weaknesses of state and federal regulatory examinations. The information gleaned from the survey responses helps CUNA and the state credit union leagues hone their exam issue advocacy efforts with regulators.
CUNA's Examination and Supervision Subcommittee will be reviewing the survey results, and CUNA Regulatory Advocacy staff will be pursuing concerns with NCUA.
For a summary of the credit union examination survey results, use the resource link.