ALEXANDRIA, Va. (Nov. 11, 2011) – Credit union examination results are confidential information and not for public release under the law. NCUA’s Regulations specifically prohibit the release of such information by officers, employees or agents of NCUA or any federally insured credit union. This trust has been violated in the case of DC Federal Credit Union.
“While I am personally confident that the results of DC Federal Credit Union’s examination did not leak from NCUA, I have asked our Office of the Inspector General to fully investigate this issue, to determine which among the parties with access to the confidential examination information, whether NCUA or the credit union’s board or management, took this illegal action. Once we have all the facts, we will determine what action is appropriate,” said NCUA Chairman Debbie Matz.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than
98 million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.