CUNA, member credit unions lead call for continued improvements to NCUA budget
Friday, October 28, 2016
WASHINGTON, DC (October 28, 2016) - A number of Credit Union National Association (CUNA) experts represented credit union interests today at the National Credit Union Administration’s (NCUA) budget briefing.
Mike Schenk, CUNA vice president of economics and statistics, and four members of CUNA’s Examination and Supervision Subcommittee all presented comprehensive testimony on important budget and transparency issues on behalf of CUNA.
“We appreciate NCUA responding to our request and taking this important step in the interest of transparency, but we continue to call for improvements,” said Mike Schenk, CUNA VP of economics and statistics. “Credit unions deserve a smaller and better regulator. The coming Extended Exam cycle should help to reduce costs in the future. However, the agency’s budget has continued to grow since the financial crisis while the FDIC’s continues to shrink. Additionally, one in five credit unions CEOs have said they are dissatisfied with their exam process. These are important issues that NCUA must address, and we will continue to work with the agency for the betterment of the credit union system.”
CUNA and its Examination and Supervision Subcommittee have long reviewed and commented on the NCUA budget in letters and meetings with the agency. The subcommittee members who testified Thursday were Sean Gaven, Senior Vice President and Chief Financial Officer of American Airlines Federal Credit Union; Paul Gentile, President/CEO at the Cooperative Credit Union Association and Chairman of the CUNA Examination and Supervision Subcommittee; Bill Raker, President/CEO of Firefly Credit Union; and Gordon Sam Chairman of the Board of Directors of Pearl Hawaii Federal Credit Union.
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America's credit unions, which are owned by more than 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter. Visit the CUNA Press Room for a full listing of media mentions, press releases and resources to stay informed on current events within the credit union industry.