ALEXANDRIA, Va. — When figures like Marvin Umholtz, a conversionadvocate, and the Wisconsin Bankers are in agreement with CUNA andNAFCU something is wrong.

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According to them, it is NCUA's proposal on member access thatis wrong. NAFCU Senior Vice President of Government Affairs DanBerger wrote in a comment letter to the agency that “transparencyis intrinsic to the cooperative and democratic principles”, butadded, “we are not convinced, however, that these rights should befederally regulated at this time.”

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CUNA also noted a new board policy regarding member access tocredit union information, which states that members are entitled toreasonable access to non-confidential information; the credit unionshould determine the format used to fulfill the request; and anorderly process should be followed, including cost reimbursement.“These principles are best implemented through internal creditunion procedures, rather than through a new set of overreachingregulatory requirements,” CUNA Deputy General Counsel and SeniorVice President of Regulatory Advocacy Mary Dunn wrote in a separateletter.

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Instead of this proposal–which he called a “terrible idea toaccomplish concepts which we endorse strongly”–Orange CountyTeachers Federal Credit Union President/CEO Rudy Hanley said theagency would do better to move forward with incorporating itsbylaws into regulation.

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Members of Save Columbia Credit Union said NCUA's proposal isnecessary because “the fundamental values of transparency, memberparticipation and member-owner rights can become merepublic-relations tools.”

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