CAMEL Disclosure: Cheney Urges NCUA, N.C. Resolution
Saying that no credit union “should be disadvantaged by the actions of a regulator,’’ CUNA President/CEO Bill Cheney today asked NCUA Chairman Debbie Matz to have the agency’s staff meet with North Carolina regulators to resolve the dispute over examinations there.
He added in his letter to Matz that “subjecting state-chartered credit unions to dual examinations simply because there is a dispute between the state and federal regulators is not a viable long-term solution.’’
NASCUS said it also was working with credit unions on the dispute.
"NASCUS leadership continues to discuss these important issues in North Carolina. While our regulator-to-regulator discussions with NCUA and state regulators are generally confidential, NASCUS is committed to working with all parties involved to ensure that going forward, there is a viable and functional regulatory environment for North Carolina's credit unions,” said Mary Martha Fortney, the trade group's president/CEO.
The dispute stems from last October’s CAMEL rating disclosure by State Employees’ Credit Union and the start of dual exams for the state-chartered federally insured credit unions in North Carolina.
Earlier Tuesday, the North Carolina Credit Union League wrote the NCUA requesting that the agency hold a meeting with state regulators to try to resolve the dispute.
The NCUA didn’t immediately return phone calls seeking comment on the letters.
The agency has said it decided to do separate examinations of state-chartered credit unions in North Carolina because the state regulator authorized the release of CAMEL ratings by the credit union in violation of federal regulations.