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Corporate Governance: NCUA's Controls and Related Procedures for Board Independence and Objectivity Are Similar to Other Financial Regulators, but Opportunities Exist to Enhance Its Governance Structure.

Publication: General Accounting Office Reports & Testimony
Publication Date: 01-DEC-06
Format: Online
Delivery: Immediate Online Access

Article Excerpt
GAO-07-72R November 30, 2006

During recent congressional hearings and in public speeches, statements made by the National Credit Union Administration's (NCUA) Chairman and another board member raised congressional interest in the ability of NCUA to collect and objectively analyze data on...

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...credit union membership and executive compensation. More generally, these statements also raised issues about the agency's overall vigilance as a regulator and the independence and objectivity of NCUA's board and senior staff from the industry being regulated. As a result, Congress asked us to expand upon our current work looking at the tax-exempt status of credit unions to include a review of governance policies...

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