Statement of NCUA Chairman Dennis Dollar
On August 2003 Release of GAO Study – GAO-03-971
On Enforcement of the
“Federal Deposit Insurance Corporation Improvement Act”
“
I am extremely pleased with the results of the GAO study on enforcement
of the consumer protection provisions of FDICIA. As always, the GAO
did an extremely thorough study and analysis, and their recommendations
are consistent with NCUA’s long stated position that the consumer
protection provisions of FDICIA should certainly be enforced but any
attempt to impose that enforcement role on NCUA would be a potential
conflict for the agency and inconsistent with our role in a dual chartering
system as the safety and soundness regulator of federal credit unions
and as insurer of all federally-insured credit unions.
It is my hope that the results of this GAO study will help make the
case for appropriating sufficient funds for the FTC to fulfill its
statutory role of enforcing compliance with the consumer protection
and disclosure provisions of FDICIA and for removing from the Regulatory
Relief bill now before Congress the provisions which provide an inappropriate
audit review and consultation role for NCUA in the oversight of state-chartered
credit unions who are not federally-insured or private deposit insurance
companies chartered under the provisions of state law.”
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, also operates and manages the National
Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of
over 80 million account holders in all federal credit unions and the
overwhelming majority of state-chartered credit unions.
| 