NCUA Board member Michael Fryzel defended NCUA examiners in a June 11 letter to the editor after an online editorial accused the regulator of “trying to destroy small credit unions.”
The reduced compliance burden, as a result of new NCUA rules introduced during the regulator’s May 24 board meeting, is worth $8 million to federally insured credit unions.
I saw the article about State Employees’ Credit Union and whether it is safe and sound. [“OIG Report Reveals NCUA Questions SECU’s Safety and Soundness,” CUTimes.com, May 16.]
An NCUA Office of Inspector General’s investigative report revealed that the federal regulator questions the safety and soundness of the $25 billion State Employees’ Credit Union, the nation’s second largest.
Agency says probe found that former DC Employees FCU supervisory board member James Talbert leaked CAMEL score.
Carla Decker, the CEO of the 10,600-member District Government Employees Federal Credit Union, last week took herself out of consideration as a NCUA board nominee.
Now in its sixth month, the CAMEL rating stalemate in North Carolina between the NCUA and the North Carolina Credit Union Division morphed into new territory last week with Jim Blaine, the president/CEO of State Employees’ Credit Union, again attacking the NCUA’s credibility.
For another week, the dispute over the CAMEL rating disclosure involving the NCUA, the North Carolina Credit Union Division and the $23 billion State Employees’ Credit Union of Raleigh, N.C., continued to roil the state’s CUs as managers expressed new frustration and anxiety over dual exams.
CAMELs aren’t usually a source of controversy in a place known for basketball and tobacco. At issue is the NCUA’s fight with state regulators over the release of the CAMEL rating of State Employees Credit Union.