Crippling budget cuts have left Arizona with just two credit union examiners to handle 22 state-chartered CUs.
The cutback, as well as freezes in examiner payrolls elsewhere, has caught the attention of the NCUA. In a speech April 30 to the Illinois Credit Union League, NCUA Chairman Debbie Matz, without mentioning reductions, warned that NCUA examiners will be going into state-chartered CUs "looking for red flags" even if an exam is not on the regular schedule.
The agency will be looking at member business loans, indirect loans and loan participations, she said, in addition to those CUs holding "too many fixed-rate, long-term mortgages on their books" given the prospect of higher rates.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com 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 Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
