Navy Federal Chosen for Data Collection Pilot
VIENNA, Va.-Navy Federal Credit Union was randomly selected as one of the 481 credit unions to undergo NCUA's new data collection effort on member services. The $25 billion credit union is scheduled to do its part in the random sampling of credit unions' member service information May 1. According to Spokesperson Jennifer Sadler, Navy Federal has already sent NCUA some samples to ensure proper formatting. The credit union member service survey is a result of the Nov. 3 hearing on the tax-exempt status of credit unions. During the hearing, House Ways & Means Committee Chairman Bill Thomas (R-Calif.) linked the tax status to service to members of modest means. Navy Federal CEO Cutler Dawson testified on behalf of NAFCU during the hearing. NCUA told federal credit unions about the agency's random sampling of the nation's federal credit unions representing the various types, sizes, and locations in a February Letter to Federal Credit Unions. NCUA said the data will initially be used to evaluate the types of services provided, income distribution, reliability and value of the preliminary information, and executive compensation.