Every aspect of NCUA responsibility was re-engineered to respond to the new era of deregulation in the early 1980s. This effort included all examination activity and reporting, CLF funding and distribution, and most importantly, the financial restructure of the NCUSIF. The NCUSIF 1% deposit financing was unique for government insurance.
Two complimentary requirements were presented as critical to the success of this new system:
- “Don’t set it up and forget about it. . . Just as important , it’s your's to monitor - it is your responsibility to keep it working - because if you don’t, it’ll go just like anything else government touches.”
- “Our commitment is to straightforward disclosure of our fund’s finances, warts and all . . . We believe our full and fair disclosure should be no less than what we expect insured credit unions to give to their members.”
NCUA 1984 Annual Report To Congress and the President (pgs 18 and 24)
Take Ownership of Your Credit Union's Stake
Today, the NCUSIF and CLF control billions of credit union industry resources entrusted to NCUA for proper management. Credit union owners of the NCUSIF have the right and the responsibility to ask NCUA questions on their operating expense decisions.
The recently released 2008 and 2009 audit reports are the only independent, third-party analysis of NCUA's management of the Funds. Yet, with each report running over 80 pages in length, it is difficult to find the appropriate time to analyze and interpret the details.
This hour long webinar focuses on these two audits to help assist you in making more informed comments and responses to NCUA's rules and plans. Key questions addressed include:
- The audits were completed by two separate firms. What, if anything, changed between the two auditors?
- Why was there over a 15 month delay in the release of the 2008 reports?
- What is the good news credit unions can take away from the information?
- What are the areas where further questions should be asked?
Callahan & Associates President Chip Filson and Executive Vice President Jay Johnson lead this webinar. They open with the history of NCUA audits, why they were started and the agency’s traditional presentations of the audits. The slides discussed by both Filson and Johnson show key numbers and summarize other parts of the reports so you can share the presentation with both your board and staff.
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