Rep. Mel Watt (D-N.C.) criticized the NCUA for going on a "witch hunt'' by punishing North Carolina's state-chartered federally insured credit unions for the decision by State Employees' Credit Union to release its CAMEL rating, even with permission of state regulators.
Related News:
|- Trades Urge Lawmakers to Adopt Exam Process Change
- NCUA's Marquis Throws Cold Water on Exam Process Change Idea
- NCUA Says Dual Exams Over, For Now
"You are way beyond the authority you have at the federal level to do it,'' Watt told NCUA Executive Director David Marquis, who was appearing Wednesday before a House panel to testify against a measure to revamp the examination process.
Marquis said that federal law and regulations forbid the release of CAMEL ratings, even those issued by state regulators that are used by the NCUA.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
