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Survey of credit unions' exam experiences reveals a mixed bag for Wisconsin

 

Wisconsin credit unions expressed some common frustrations—and acknowledged what’s working well—as part of their exam experiences in a survey conducted by the Credit Union National Association (CUNA).

 

As part of the survey, conducted last fall, less than half (44%) of Wisconsin credit unions reported feeling satisifed to very satisfied about their overall examination and results, while 46% were somewhat to very dissatisfied. By comparison, in 2012, 43% of credit unions reported similar satisfaction and 38% reported dissatisfaction.

 

Credit unions in other states expressed greater overall satisfaction, or around 58% feeling satisfied to very satisfied. But that represented a decrease in satisfaction from the prior year.

 

Key issues that played into the decreasing satisfaction levels overall included:

  • Heavier regulatory and exam requirements that are straining credit union resources;

 

  • Examiners "covering themselves";

 

  • Examiners applying general guidelines or best practices as enforceable standards; and

 

  • Overuse of Documents of Resolution to address issues that used to be handled routinely.

 

However, there were some bright spots; Wisconsin credit unions gave examiners high ratings for professionalism, helpfulness, fairness, openness to dialog and share insights, and dealings with the credit union’s board. High marks for examiners were also echoed in other states.

 

"Wisconsin didn’t register as positive a reaction as other states, and having 46% of Wisconsin credit unions disenchanted with the process is simply too many, so we will continue open dialog until those satisfaction levels are back up," said League President & CEO Brett Thompson.

 

"We’ll need continued feedback from credit unions as we work on these important issues," he added.

 

Thompson was referring to a recent open meeting between regulators and Wisconsin credit unions at Credit Union House in Madison recently that touched on changes in examination personnel, policy issues, timing and more that play a continued role in exam satisfaction.

 

The League will further study the survey results to identify issues that can be improved as part of ongoing regulatory advocacy by The League and CUNA aimed at improving exam supervision.

 

The League meets regularly with state examiners with the Wisconsin Office of Credit Unions and will coordinate ongoing dialog with federal regulators from the National Credit Union Administration (NCUA).

 

"We are all committed to making the exam process more effective," Thompson added. "When exams work better it’s a step toward improved safety and soundness for the 2.4 million members who own Wisconsin credit unions."

 

Credit unions with concerns about exams should contact Brett Thompson at (608) 514-0083, David Hall, The League's EVP/Chief Development Officer at (608) 514-0084 or Bill Rockeman, Senior League Consultant, at (262) 408-6024.

 

The complete exam results are available on CUNA’s website.


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