NASCUS Leadership to Evaluate Findings of GAO Study

ARLINGTON, Va. – The NASCUS Board and Council Board in the coming weeks plan to conduct a complete evaluation of the report released Nov. 4 on the performance of the credit union industry from the U.S. General Accounting Office and the report’s recommendations for regulatory actions by the NCUA and legislative actions by Congress. Among the finding of the 183-page report, it recommended NCUA: explore ways of developing a risk-based funding system for the NCUSIF; could improve the process for allocating overhead expenses for the NCUSIF; should develop empirical data for measuring CUs’ service to the underserved; and Congress should require internal control reporting and attestation requirements. The NASCUS Boards held a teleconference meeting on Nov. 7 to begin discussion of the GAO findings. NASCUS said “state supervisors and the state credit union system will be working to develop thorough responses to the GAO findings and the issues raised in the report.”