Chairman Appoints Internal Working Group
To Review GAO Recommendations
Alexandria, VA, November 6, 2003- This week upon receipt of the General
Accounting Office (GAO)’s recent study of the financial condition
and oversight of credit unions, NCUA Chairman Dennis Dollar appointed
an intra-agency working group comprised of seven key senior agency
officials to review and evaluate each of the five recommendations to
the NCUA included in GAO’s report.
The working group chaired by NCUA Executive Director J. Leonard Skiles
includes General Counsel Robert Fenner, Examination and Insurance Director
David Marquis, Chief Information Officer Douglas Verner, Region I Director
Mark Treichel, Region V Director Melinda Love, and Chief Financial
Officer Dennis Winans.
Chairman Dollar said the agency takes the recommendations made by
the GAO very seriously and recognizes the important role of the GAO
in providing a third-party oversight review of agency operations. The
recommendations provided by the GAO will be reviewed closely by this
working group, and any possible action options will be presented to
the NCUA Board for its consideration.
“This group has been tasked to give careful evaluation and review
of each of the GAO’s five recommendations to the agency,” said
Chairman Dollar. “I expect this review to be extremely thorough
and will likely take a number of months as each recommendation must
be considered in-depth and all possible options considered. The working
group will evaluate both the potential benefit and any downside to
any approach that might be appropriate for responding to these recommendations.”
Chairman Dollar said that he was overall pleased with the report by
the GAO on the state of credit unions and NCUA as credit union regulator
and insurer. “GAO found America’s credit unions to be financially
strong and NCUA’s oversight to be effective. Although there are
several of the GAO recommendations in which we see potential value
and others in which we envision considerably more regulatory burden
than benefit, NCUA is always open to consider ways to improve upon
the effectiveness of our regulatory, insurance, and supervisory functions.
We welcome the opportunity to have an ongoing evaluation of and dialogue
on the GAO findings and recommendations, truly believing that the results
of self-examination through a responsible and well-reasoned third-party
review process is always healthy.”
The National Credit Union Administration, governed by a three-member
board appointed by the President and confirmed by the Senate, is the
independent federal agency that regulates, charters and supervises
federal credit unions. NCUA, with the backing of the full faith and
credit of the U.S. government, operates and manages the National Credit
Union Share Insurance Fund, insuring the savings of more than 80 million
account holders in all federal credit unions and the overwhelming majority
of state-chartered credit unions.
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