When I first read about the Co-Ops for Change petition in an email, I immediately clicked the link and signed the petition. I also emailed my supervisory committee and board, along with my staff and volunteers, asking that they go to the site and sign the petition.
As CEO of Arizona State Credit Union ($1.4B, Phoenix, AZ), and as someone who has served in the industry since 1980, I feel that we need some reform at the governance structure level of the NCUA. I have a great working relationship with the NCUA and it has nothing to do with the individuals who are there today, but I think our industry is being confronted with the need to transform itself, not just transition. For our industry to truly transform, our governance structure has to transform with it, or in advance of it.
We as an industry have had very little influence or engagement in the process of selection for the NCUA board seats. Credit unions understand our challenges today and our needs for tomorrow, and I think credit union executives and volunteers should be more engaged in that process. Currently, the process of appointments for the NCUA board is certainly not transparent. We don’t know why or how these appointments are made.
My belief is that although a regulator needs to make sure that safety and soundness is occurring in practice in the industry, we need our chief governance to support the value of the cooperative and to help assure an environment conducive to a strong, healthy industry.
Please sign the petition today