Johnson to CUs: Document your service
WASHINGTON (11/17/05)—Chairman JoAnn Johnson of the National Credit Union Administration (NCUA) said Wednesday that credit unions should document their success in serving millions of Americans of modest means. She added that NCUA is evaluating the best way to assist in efforts to highlight credit union service.
Speaking to the Credit Union Executives Society Council, Johnson said the current legislative climate and an ever-changing, dynamic market place make it necessary for credit unions to tell in a “more valiant and vigorous manner” of their outstanding service to members from all walks of life.
“America’s credit unions are known for their good work in reaching into the depths of communities, especially those who have been left behind to predatory lenders, and serve as the financial partner folks can count on for mainstream financial services,” said Johnson. “However, the real challenge of this good work is documenting and singing your own praises of the service, when it is second nature to so many in the credit union community.”
Johnson rejected Community Reinvestment Act-like reporting requirements as a “one-size-fits-all” regulatory regime not appropriate for documenting credit union service. However, she added that she “would be interested” in such information being available through 5300 Call Report data.