Statement of NCUA Chairman Dennis Dollar
On Release Of GAO Study Results
“
Credit Unions: Financial Condition Has Improved
But Opportunities Exist To Enhance Oversight
And Share Insurance Management”
“Overall, I am quite pleased with the report by the General
Accounting Office on the state of America’s credit unions and
NCUA as a credit union regulator and insurer. GAO found America’s
credit unions to be financially strong and NCUA’s oversight to
be effective. As always, GAO conducted an extremely thorough study
that was well balanced on the whole and provided independent analysis
that can be valuable as we address a number of important issues facing
NCUA and the nation’s credit union movement. NCUA appreciates
the dialogue with GAO throughout this study and commends their professionalism
in seeking to gain the facts necessary to finalize a report that we
hope can be positively utilized by NCUA and the credit unions we regulate
and insure, both today and in the future.
Because NCUA itself serves in an oversight role with the credit unions
we regulate and insure, we certainly see value in third-party oversight
and will give serious evaluation of the GAO’s analysis and to
each of their recommendations. 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 want to see
NCUA not only remain an effective agency, but also be even better in
the future. NCUA recognizes that we cannot rest on our laurels and
that we should be working to make sure that credit unions become even
stronger and our agency even more effective in the future; therefore,
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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