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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]

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