Although credit unions were collateral damage from the financial crisis, NCUA's response in some ways has been draconian, some say. This is in part because of the regulator's responsibility to protect the share insurance fund.
But Mary Dunn, CUNA's senior vice president/deputy general counsel, told Community Credit Union & Growth Conference attendees in San Francisco that credit unions can take several steps to improve their relationships with regulators. She recommends they:
- Focus on examiners' concerns;
- Put proper management in place;
- Conduct due diligence;
- Follow lending policies and procedures;
- Adhere to concentration limits; and
- Manage growth wisely.
Most important, Dunn says: Stand up for your point of view when you face disagreements with your examiners and regulators.