E-Mail To Cut Costs At NCUA

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NCUA plans to move its multi-million dollar mailings process to an e-mail based system over the next year to help cut down on costs. JoAnn Johnson, vice chair of the agency, told attendees at NAFCU's annual convention the new process will allow the almost 10,000 federally insured credit unions to opt to receive regular correspondence from the federal regulator electronically, saving on mailing, postage and manpower required to send letters to credit unions, regulatory changes and other notices. NCUA spends about $1 million a year to distribute such notices. "If only 50% of credit unions opt to receive it electronically we will realize substantial savings," she said. Under the system being discussed each credit union would be allotted a Personal Identification Number, or PIN, to access the information.

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