California CUs Welcome The Scrutiny
As NCUA considers adding examiners nationally as well as within Region 5 (Credit Union Journal, March 28), the California Credit Union League welcomes the agency’s proactive approach to helping credit unions make important financial decisions during the current economic downturn.
Meanwhile, California credit unions continue to exhibit financial strength in asset, loan, and membership growth, and have wisely prepared to meet today’s economic challenges. Loan-loss reserves statewide have increased by about $200 million–not billions as reported–and credit unions are well equipped to move forward in serving members as they have always done in difficult times.
The existence of an independent federal regulator for credit unions and the option of a state charter provide a unique combination that ensures safety and soundness and ultimately benefits consumers. It is important that we work cooperatively to demonstrate the effectiveness of this system of checks and balances, especially at a time when the overhaul of our nations’ financial regulatory systems is being hotly debated in Congress.
Bill Cheney, President/CEO
California Credit Union League
Rancho Cucamonga, Calif.
Letters to the Editor can be sent to Managing Editor Lisa Freeman at lfreeman