NCUA CHAIRMAN JOHNSON ANNOUNCES
NCUA’S PROCESS FOR MEASURING
CREDIT UNION SERVICE TO MEMBERS
Alexandria,VA, February 10, 2006 – National Credit Union Administration (NCUA) Chairman JoAnn Johnson announced today that the NCUA has initiated the process of collecting data in response to specific congressional requests and the Government Accountability Office to measure service to credit union members and senior management compensation and benefits.
“With this data collection, NCUA is responding to specific congressional requests and looks forward to the opportunity for enhancing the clarity of credit union service to Americans from all walks of life,” said Chairman Johnson. “This is an important endeavor and the agency takes its responsibilities seriously.”
“I have always believed that America’s credit unions are meeting their mission in serving persons of modest means and are a provider of affordable financial services,” Chairman Johnson emphasized. “This will be an opportunity for the not-for-profit financial cooperatives to demonstrate with quantifiable data, the good work they are doing for Americans from all walks of life.”
In a Letter to Federal Credit Unions issued today, the agency detailed its plan for data collection from a statistically valid sample of federal credit unions across charter types using NCUA’s examination authority under the Federal Credit Union Act.
The data collected will be aggregated and utilized by NCUA to do an initial evaluation of:
- The extent and type of services provided to members,
- The income distribution of members,
- The reliability and value of this preliminary data, and
- Executive compensation and benefits
NCUA’s examiners have been trained on the collection methodology and according to Chairman Johnson, credit union staff involvement will be limited and focused on discussions with management or other appropriate personnel. “It’s vital that we collect this data for analysis, however, it is also important that the collection methods are well-designed, efficient and not burdensome to the credit union.”
The Letter to Credit Unions and Questions and Answers (Q&A) on Measuring Service to Members may be found at: http://www.ncua.gov/letters/letters.html |
