NCUA Transparency Bid Speaks to Credit Union Democracy

HONOLULU–Despite widespread opposition by credit unions, NCUA is expected to pass initiatives aimed at increasing transparency in credit union operations, two NCUA Board members indicated during NAFCU’s annual convention last week. “Democracy, I believe, runs on information,” said NCUA Board member Rodney Hood, of a proposal to increase member access to internal credit union records. “It’s important to member/owners to have access to be informed member/owners.” “The (proposed) rules will allow them to know all that they need to know in making an informed decision,” said Hood, during a discussion with fellow Board member Gigi Hyland and NAFCU Chairman John Milazzo, president of Campus FCU. The member access proposal, which has been widely opposed by credit unions during the public comment period, would set specific standards for the kinds of documents open to member scrutiny and thresholds for member petitions to obtain the records. But Hood sought to ease the concerns of managers and directors by insisting the proposal is aimed at giving members access to minutes of board and committee meetings, and will not open up confidential member of employee records to member scrutiny. “No one is going to have access to personnel or member records,” he stated.