RALEIGH, N.C. – The North Carolina CU Division said Jerrie Jay, who has headed the state regulatory agency for 18 years and was the focus of a 2010 fight with NCUA over public disclosures of CAMEL codes, is retiring at the end of the year.
Jay, 65, who has served as chairman of the National Association of State CU Supervisors, was criticized by NCUA in 2010 after she allowed State Employees’ CU to make public its state CAMEL code as a test, despite NCUA’s assertion that the public disclosure of the state rating violated its own policies.
Jay and SECU President Jim Blaine said the decision to allow the credit union giant to make public its CAMEL code was an experiment in transparency. In response, NCUA, which generally leaves the examination of state chartered credit unions to state regulators, last year also began to examine state charters in North Carolina, causing significant expense and time for the credit unions and snubbing the state agency.
