WASHINGTON Daniel A. Mica, president of the Credit Union National Association, said Tuesday that the National Credit Union Administration should imitate federal banking supervisors efforts at deregulation.
The NCUA leaderships mode seems to be a combination of micromanaging, mandating, and meddling, Mr. Mica said in a speech before 600 members during the associations national symposium in Chicago. Mr. Mica hailed the Office of the Comptroller of the Currency and the Federal Reserve Board for using risk-based exams and seeking other ways to minimize red tape, and praised the Federal Deposit Insurance Corp. for proposing streamlined capital standards for small banks.
Specifically, Mr. Mica called on the agency to be more respectful of state regulatory authority. He also criticized agency examiners for downgrading credit unions that heed the NCUAs call to make riskier low-income loans.
Mr. Mica lauded NCUA Board Member Dennis Dollars regulatory relief proposal that rewards credit unions with high capital levels by giving them fewer exams, more investment options, and freedom from restrictions on branching. Board Member Yolanda T. Wheat was praised for supporting wider fields of membership for credit unions, and for emphasizing that the agency should partner with credit unions. Controversial NCUA Chairman Norman E. DAmours was not mentioned.
Mr. Mica also urged the agency to drop a proposal that would impose CRA-like requirements on credit unions. The agencys board is expected to discuss the proposal Oct. 19.
