CAMEL Fracas in N.C. Has Legs
Now in its sixth month, the CAMEL rating stalemate in North Carolina between the NCUA and the North Carolina Credit Union Division morphed into new territory last week with Jim Blaine, the president/CEO of State Employees’ Credit Union, again attacking the NCUA’s credibility.
Specifically, the head of the $24 billion Raleigh CU continued his combative and critical stance against NCUA policy over starting dual exams. He also complained about misstatements by top agency officials during a meeting last December with state Credit Union Administrator Jerrie Jay.
The meeting will be conducted by Jay over what she said are misleading statements made by Herbert Yolles, the Atlanta Regional Director who has been a key figure in the CAMEL rating controversy. Also being asked to explain their roles are David Marquis, NCUA executive director, and Michael McKenna, NCUA general counsel. Philip Woods, special North Carolina deputy attorney general, has also been invited to the meeting.
Top NCUA officials have refrained from commenting on the taping or whether they would agree to come to the March 14 meeting. The agency has denied its intent is to harm the dual banking structure but has apologized to the 52 state-chartered CUs in North Carolina that were affected by the dual exams for being inconvenienced.