CUs Should Endorse Disclosure Of Ratings
In response to State Employees Credit Union disclosing its CAMEL rating and the resulting fallout in North Carolina, I think that transparency is always best. Examination ratings and examination findings should be public information. The best way to assure that members act like owners is to make them aware of the safety and soundness of "their" credit union.
Members elect the board and as "owners" have a responsibility to assure that the board is managing the credit union in a SAFE and sound manner. I think NCUA should endorse public disclosure. Public disclosure will add weight to NCUA findings.
Credit unions should endorse public disclosure because it makes NCUA accountable for their role as regulator and insurance fund administrator.
Henry Wirz, CEO
SAFE FCU, North Highlands, Calif.