WASHINGTON – NCUA Chairman JoAnn Johnson–who may or may not be heading the federal agency much longer–yesterday said she wants her efforts to bring greater transparency to both credit unions and the federal agency to be her legacy.
“I hope that all credit union boards will view transparency as fulfillment of a contract on behalf of their members, members who not only cooperatively own the institution but who place their trust in the board,” Johnson said during remarks at CUNA’s Government Affairs Conference.
She cited efforts to bring greater openness to credit union recordkeeping and books, especially when it comes to the conversion of credit unions to mutual savings banks; greater access to executive compensation, including during mergers; and more openness on NCUA spending.
“I have aspired to make transparency the best vehicle for ensuring credit union members have access to accurate information on which to base their decisions,” said Johnson. “NCUA is not in the business of making decisions for the members, but to provide the opportunity for members to make informed decisions. And NCUA is not in the business of dictating management decisions for credit unions, only to ensure decisions are made with members’ best interests at heart.”
