SEATTLE-Due to previous responsibilities, Boeing Employees Credit Union President and CEO Gary Oakland was unable to testify before the board, but had already submitted a letter for the record. He strongly advocated that the agency better separate its regulatory and insurance duties. He cited the Deloitte and Touche study which he said found that that the agency did not even clearly understand the differentiation. Oakland also said the benefits that the agency derives from the state regulators examination of state chartered credit unions should be taken into consideration in the OTR setting process. Oakland argued in favor of a one year OTR review process, as did CUNA and NASCUS. Additionally, Oakland attacked the NCUA’s mid-session budget review announcement of a decrease in the budget of $3.4 million or 2.31% from 2002 to 2003. However, the actual number represents an increase in costs of $8.5 million in 2003 over 2002, he said. “Now I understand that you’re not saying anything false because the budget, rather than the actual expenses did go down,” Oakland admitted. “But you’re not presenting a true picture of how you’re spending the money of federally insured credit unions.Let’s be honest.” [email protected]

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.