ALEXANDRIA, Va. — When figures like Marvin Umholtz, a conversion advocate, and the Wisconsin Bankers are in agreement with CUNA and NAFCU something is wrong.
According to them, it is NCUA's proposal on member access that is wrong. NAFCU Senior Vice President of Government Affairs Dan Berger wrote in a comment letter to the agency that “transparency is intrinsic to the cooperative and democratic principles”, but added, “we are not convinced, however, that these rights should be federally regulated at this time.”
CUNA also noted a new board policy regarding member access to credit union information, which states that members are entitled to reasonable access to non-confidential information; the credit union should determine the format used to fulfill the request; and an orderly process should be followed, including cost reimbursement. “These principles are best implemented through internal credit union procedures, rather than through a new set of overreaching regulatory requirements,” CUNA Deputy General Counsel and Senior Vice President of Regulatory Advocacy Mary Dunn wrote in a separate letter.
Instead of this proposal–which he called a “terrible idea to accomplish concepts which we endorse strongly”–Orange County Teachers Federal Credit Union President/CEO Rudy Hanley said the agency would do better to move forward with incorporating its bylaws into regulation.
Members of Save Columbia Credit Union said NCUA's proposal is necessary because “the fundamental values of transparency, member participation and member-owner rights can become mere public-relations tools.”
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