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Examiner Policies Come Under Washington State Scrutiny

TACOMA, Wash. - The Washington Credit Union League is trying to get a handle on overzealous examiners and now has an Examination Task Force in place to work with Linda Jekel, the state's top regulator, it was disclosed during the League's annual meeting here. The 15-member panel has specifically been...

By Jim Rubenstein | Updated on September 27, 2005

TACOMA, Wash. – The Washington Credit Union League is trying to get a handle on overzealous examiners and now has an Examination Task Force in place to work with Linda Jekel, the state’s top regulator, it was disclosed during the League’s annual meeting here. The 15-member panel has specifically been reviewing complaints-mostly from small CUs – about examiners pressuring volunteers and supervisory committees for meetings and interviews but denying requests that CU professionals be present. In a break-out session at the conference dealing with legislation and regulation, Stacy Augustine, senior vice president and general counsel, said the CU complaints have been directed to the state’s CU Division over volunteers answering long questionnaires requiring detailed operational or tactical answers “rather than strategy.” For her part, Jekel, an attendee at the annual meeting, said her office has been investigating the complaints in meetings with Task Force members and is eager to work with the League to iron out potential problems. “I really appreciate Linda meeting with the group, and it’s not every day that a regulator will do that,” said Augustine calling the willingness to consider industry views “courageous.” On the contrary, Jekel said she thought “there is nothing unusual in wanting to find out the needs of your customers.” In her comments at the panel session, Augustine said CU executives should not be fearful of “disagreeing with examiners” but the discussions should not become “personal or destructive” suggesting also it is hard to reach “regulatory nirvana.” [email protected]

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