NCUA to stop separate exams in N.C.
NCUA Chairman Debbie Matz said today that after meeting in-person with NCCUD Acting Administrator Rose Conner, NCUA and NCCUD have agreed to re-establish a joint examination program in 2013.
"Administrator Conner has given me her word that NCCUD's affirmative policy moving forward will not authorize any public release of confidential examination information, especially CAMEL ratings," said Matz. "With this new commitment and policy from the state regulator, we look forward to resuming joint examinations, training, and open communications with NCCUD."
NCCUD and NCUA will begin working out the details of their joint arrangement on Monday. Ordinarily, the NCUA routinely conducts joint safety and soundness examinations with state regulators.
The NCUA said the dual exams in North Carolina after the release of the CAMEL ratings information were necessary to protect the National Credit Union Share Insurance Fund and the credit union system.
North Carolina Credit Union League President John Radebaugh welcomed the regulators' decidion and said, "The league welcomes today's announcement. The dual examinations of state-chartered credit unions represented an unwelcome and unnecessary burden in an already complex regulatory environment.
"We are grateful to both agencies for working through their differences in an effort to best serve the interests of credit unions and their members."
The Credit Union National Association also had urged the NCUA and NCCUD to work quickly to resolve differences regarding disclosure of a credit union's CAMEL rating and the use of dual exams.
CUNA Deputy General Counsel Mary Dunn commended the regulators' action and said, "This is a positive development that reflects a willingness from both sides to reach an agreement that will be better for credit unions." CUNA also thanked the North Carolina Credit Union League for its efforts in pursuing a favorable outcome.