Rep. Mel Watt (D-N.C.) criticized the NCUA for going on a "witch hunt'' by punishing North Carolina's state-chartered federally insured credit unions for the decision by State Employees' Credit Union to release its CAMEL rating, even with permission of state regulators.
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"You are way beyond the authority you have at the federal level to do it,'' Watt told NCUA Executive Director David Marquis, who was appearing Wednesday before a House panel to testify against a measure to revamp the examination process.
Marquis said that federal law and regulations forbid the release of CAMEL ratings, even those issued by state regulators that are used by the NCUA.
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