FOR IMMEDIATE RELEASE
Banking Trade Groups Call on Government to Examine NCUA Supervision of Credit Unions
Washington, D.C. (December 16, 2005) - The Independent Community Bankers of America, in a joint letter with America's Community Bankers, asked House Financial Services Committee Chairman Michael Oxley (R-Ohio) to seek a review by the Government Accountability Office or the Congressional Budget Office of the National Credit Union Administration's supervision of credit unions.
"We wanted to bring to your attention a potentially problematic safety and soundness situation that we believe is not being adequately addressed, and may warrant more oversight from your committee," the trade groups said in a letter to Oxley.
"As of June 2005, the agency was short-handed and was running 7,500 hours behind in completing credit union examinations. As of that time, there were 281 credit unions with a CAMEL rating of 4 or 5," the letter states. "Furthermore, the examination deficiency has occurred during the same time that the credit union industry has greatly expanded their lending products, particularly into the more complex business lending products."
View the letter at www.icba.org.