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Draft legislation would require NCUA to submit confidential report on credit unions’ examination records.
The House Financial Services Committee on Wednesday will mark up legislation that would require federal banking regulators, including the NCUA, to provide leaders of congressional banking committees with a semi-annual confidential report identifying banks and credit unions that received poor examinations.
That provision is contained in draft legislation that combines several bills Republican members have introduced in reaction to the recent banking crisis. The bill also would require the Financial Stability Oversight Council to provide updates on its work as well.
Impact on the NCUA and Credit Unions
The legislation would require the NCUA to submit to the chairs and ranking members of the House Financial Services Committee a confidential report “identifying each supervised credit union with less than satisfactory examination or inspection ratings; and each supervised credit union with an active formal or informal enforcement action, and the status of each provision of each enforcement action.’’
The legislation also would require the NCUA chairman and other banking regulators to testify semi-annually before the committees.
That testimony would include:
–The conditions of credit unions, including examination or inspection ratings, on an aggregate basis by credit union asset size.
–Aggregate data on outstanding material supervisory determinations by asset size.
–Changes in the number and types of outstanding material supervisory determinations over the previous five years.
–Data on the ratings of credit unions over the previous three years.
–The number of formal and informal enforcement actions, by type of enforcement action and showing changes in the last three years.
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