Friday, April 2, 2010

NCUA Misses Another Deadline

Another April 1st has passed and NCUA has once again missed its deadline for publishing its Annual Report.

The Federal Credit Union Act states that “[n]ot later than April 1 of each calendar year, and at such other times as the Congress shall determine, the Board shall make a report to the President and to the Congress. Such a report shall summarize the operations of the Administration and set forth such information as is necessary for the Congress to review the financial program approved by the Board.”

I’m not talking about its 2009 Annual Report. We are still waiting for NCUA to publish its 2008 Annual Report.

It is more than one year late.

If the NCUA Board cannot meet this simple deadline, how can it be expected to handle the added responsibility of regulating an increase in credit union business lending authority?


  1. Dr. Leggett, you are making me nervous. This is your second post that I agree with (first = Transact In).

    The NCUA's inability to produce their annual report should be a message to every credit union that if you are waiting on some other agency or organization to tell your story for you, stop waiting; it's not going to happen. Now more than ever credit unions need to be proactive and take the credit union narrative into their own hands.

  2. when does treasury or congress wake up to the shenanigans of this regulator? ncua is crippling its constituency in an effort to avoid accountability for its own failings in supervision.
    your last comment misses the point.
    it should read, "how can ncua be expected to regulate-period-if it cant or wont release its financials".



The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.