Data Collection Continues in State Credit Union System
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| Mary Martha Fortney |
In response to a House Ways and Means Committee request received by NASCUS, state regulators are currently collecting data on the state credit union system. On November 15, the National Credit Union Administration (NCUA) released the results of its Member Service Assessment Pilot (MSAP), an initiative prompted by information requests from the U.S. Congress and the Government Accountability Office (GAO) on the federal credit union (FCU) system.
NASCUS looks forward to reporting to Congress on the state credit union system. We remain committed to providing accurate and objective data about state-chartered credit unions. The state credit union system report will include data from a representative sample of state-chartered credit unions, developed by an expert statistician who applied different weights to unique credit union attributes including size, field of membership and charter type. The NCUA’s report includes data from 448 randomly selected FCUs.
State regulators are collecting information in the Committee’s four areas of inquiry: income characteristics of members, executive compensation, credit union service organizations (CUSOs) and unrelated business income tax (UBIT). The NCUA was also asked for information on the income distribution of members, services and executive compensation.
In a briefing between NASCUS and NCUA on the MSAP report, NASCUS communicated its appreciation for the collaboration between state and federal regulators as data collection efforts continue on the state level. The MSAP report recommends that the NCUA Board study the member services assessment results obtained by our survey of state-chartered credit unions and coordinate with NASCUS on appropriate follow-up items. NASCUS is keeping the door open for dialogue with NCUA as our project continues.
NASCUS and state regulators consider the project a valuable opportunity to further educate Congress about the importance of dual chartering and the differences between the state and federal credit union systems. NASCUS wants Congress to recognize that dual chartering is important to the make-up of the nation’s credit union system.
NASCUS commends state regulators for their diligent and collaborative work on this project. As data collection nears completion on the state level, we will continue to provide updates on the project’s progress.
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