NCUA Pursues Transparency Bid

WASHINGTON – NCUA Chairman JoAnn Johnson said yesterday NCUA will continue its efforts to bring greater transparency to credit unions, even in the face of overwhelming opposition from credit union executives. Johnson told about 400 attendees of NAFCU’s annual Congressional Caucus yesterday the NCUA Board will vote a final rule expanding access to credit union books and records to members in the coming weeks, a proposal that has drawn scorn from credit union executives. The NCUA Chairman said the rule, and two others expanding disclosures on mergers and setting bylaw enforcement powers for the agency, are aimed at opening the management and governance process to rank-and-file members. "We will continue to look at what’s in the members’ best interests," said Johnson. The transparency initiatives proposed by NCUA have drawn broad condemnation from credit union executives, many of whom worry they will invite meddling and interference in credit union operations and governance.