Credit Union Exam Satisfaction Sinks: CUNA Survey
Credit union CEOs are more dissatisfied with their exams in 2013 compared to the prior year, according to an ongoing CUNA survey.
As of February 2014, 27% were dissatisfied with exams, which represents a 2% increase from 2012 results. Overall, exam satisfaction among credit union CEOs decreased from 61% in 2012 to 58% in 2013.
Results were collected from CUNA and league affiliated credit unions that received an email from CUNA CEO Bill Cheney in December of 2013 inviting them to complete an online survey about their most recent exam.
The questionnaire was almost identical to one used a year earlier, which had been sent to all credit unions except those in NCUA Region 2, the report said. By Jan. 15, CUNA had received 1,211 responses, representing 18% of all credit unions, according to the report.
CUNA found that exams tended to take longer in 2013 (9.1 days) than in 2012 (7.9 days).
The survey also showed that state-only examinations tend to be rated slightly higher than NCUA-only exams. However, joint exams were rated significantly lower than state-only or NCUA-only exams.
CUNA also found that number of credit unions that reported being under one or more Documents of Resolution went from 43% in 2012 to 41% in 2013.
In the survey, four out of five respondents said heavier regulatory and examination requirements have put more pressure on credit union resources.
CUNA said its examination and supervision subcommittee will examine the survey results, and the trade organization’s regulatory advocacy staff will be reporting concerns to the NCUA.