ARLINGTON, Va. -- Nine months after it was first notified by the House Ways and Means Committee requesting state regulators to collect data from a representative sample of credit unions they regulate in their state in four designated areas, NASCUS expects to complete its data collection by the end of 2006.
Once that phase is completed, a NASCUS task force will begin analyzing the data and writing its report on the findings. NASCUS President/CEO Mary Martha Fortney said the association informed the Government Accountability Office that it hopes to complete the report by the end of the first quarter 2007.
Fortney said she also intends to give the House Ways and Means Committee a progress report before the end of 2006.
Although the original deadline the committee gave the association for collecting the data and completing its report was Sept. 1, NASCUS informed the committee early on that deadline would be difficult to meet.
Fortney regularly kept the House Ways and Means Committee apprised of the progress of the data collection efforts over the past several months including the expected target date for completion.
The representative sample that was developed by an expert statistician--Ohio State University Professor Randolph Olsen--of just over 500 state-chartered credit unions surveyed represent 14.5% of all SCCUs and 34% of SCCU members.
Fortney described it as being a "robust sample," and she emphasized that "with few exceptions because a state-chartered credit union may have converted to a federal charter or merged with another credit union, the state regulators have gotten overwhelmingly positive cooperation."
State regulators have used an online questionnaire and a software program with geocoding to respond to questions concerning: income characteristics of members, executive compensation, unrelated business income tax (UBIT), and credit union service organizations (CUSOs).
Despite the enormous work and time that went into developing the questionnaire and sample of state-chartered credit unions to be surveyed for the data collection project, Fortney said in hindsight that several state regulators acknowledged they appreciated going through the process, and the questionnaire contains a lot of information that's helpful.