This action arose from a legal opinion issued by the state credit union regulator to State Employees' Credit Union allowing the credit union to disclose its CAMEL ratings.
Read the letter below.
Tuesday, January 17, 2012
NCUA Strikes Back
On January 12, NCUA Regional Director Herbert Yolles sent a letter to all North Carolina state-chartered credit unions advising them that NCUA will be conducting independent insurance reviews separate from the NC Credit Union Department.
This action arose from a legal opinion issued by the state credit union regulator to State Employees' Credit Union allowing the credit union to disclose its CAMEL ratings.
Read the letter below.
This action arose from a legal opinion issued by the state credit union regulator to State Employees' Credit Union allowing the credit union to disclose its CAMEL ratings.
Read the letter below.
I don't understand NCUA's position. The North Carolina Department of Banking issued the CAMEL rating, not the NCUA. So where does NCUA get the authority to dictate whether it can be released? Seems like much ado about little or nothing.
ReplyDeleteI notice the NCUA sent the letter FEDEX. Does the NCUA lack confidence in the United States Postal Service in electing to go FEDEX? Does the NCUA not trust the United States Post Office to deliver the main on time? Here we have the NCUA, a federal agency using a non-federal agency to get the job done. Maybe the NCUA should subcontract their examinations to KPMG or one of the other big 3 accounting firms. We might actually obtain competent examination findings from real accountants not some civil service bean counter. A bean counter that can't count his pair twice and obtain the same number.
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