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GAO Study on NCUA Vacancies a No-Go So Far

WASHINGTON - Late last year, two banking groups tried to make some hay out of a higher than desirable vacancy level at NCUA, but NCUA has not been contacted about a study thus far.

By Staff Writer | Updated on June 13, 2006

WASHINGTON – Late last year, two banking groups tried to make some hay out of a higher than desirable vacancy level at NCUA, but NCUA has not been contacted about a study thus far.

Former NCUA Board Member Debbie Matz raised concerns over NCUA’s 35 vacancies and 7,500-hour exam deficit last July, which America’s Community Bankers and the Independent Community Bankers of America highlighted in a year-end letter to House Financial Services Committee Chairman Mike Oxley (R-Ohio). Given credit unions’ foray into business lending and the 281 problem credit unions, ACB and ICBA said, “This is a situation that could become a potential crisis that should be reviewed. We recommend that you consider asking for a CBO or GAO study to determine the implications this deficiency may be causing to the safety and soundness of the credit union industry.”

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