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I was very happy to see both Chip Filson and Jim Blaine support the release of CAMEL ratings (CU Times, Jan. 25, page 1).

I have long supported the release of examination ratings and the findings behind those ratings for all credit unions. The credit union system relies on member ownership. The members elect the board of directors to protect their ownership interest in the credit union. Member owners must have actionable data to hold the board accountable. Members need to know the health of their credit union. The many recent corporate and natural person failures point to the need for more member oversight. Annual meetings and audit financials are not enough. Members should see the ratings and the findings behind those ratings.

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Peter Westerman

 

Credit Union Times

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