NCUA will hold three "town hall style" meetings in the fall to give credit unions a chance to have input into the new rules governing corporate credit unions that are currently on the agency's to do list.
NCUA Board Chairman Michael Fryzel revealed the meetings to credit union executives attending NAFCU's 42nd Annual Conference near Washington. "These are your corporate credit unions and you should have a say" in the new rules, Fryzel told the attendees.
The purpose of the meetings will be to allow the credit unions to tell NCUA what they need and want from their corporate credit unions. In the wake of the events of this past year, Fryzel told the executives, the NCUA is looking at corporate credit unions structure, size, products and services they offer, and governance.
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Speaking of the events at the corporate credit unions, especially Wescorp and US Central, Fryzel said the NCUA's examiners and staff "lacked the expertise" to adequately question and evaluate some of the investments that the corporate credit unions were making.
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