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Country | Name of the respondent | Name of Credit Union Regulatory Agency | What are the cumulative total assets in U.S. dollars as of June 30, 2005 for the credit unions  that your organization supervises? | How many credit unions does your organization supervise? | On average how often are credit unions examined off-site? How often are they examined on-site? | How many people do an on-site examination of a small/large credit union? | How is your supervisory function structured?  (select one) | Does your organization issue regulations and supervise all credit unions in the country or are there other regulators?  Please explain. | How is your regulatory agency paid for? | Is your fee structure risk-based? Please explain. | Does your organization utilize a risk-based supervisory structure to determine the frequency of off-site and on-site examinations?  What factors are utilized to determine risks in the exam schedule? | How often you require credit unions to send financial reports? | What is the percentage of credit unions that provide you access to their electronic data? | Is your chief executive or Board appointed by a government authority? Who appoints these positions and what are the term(s)? | Do you have the authority to remove credit union officials, take over and close credit unions? | Do you have a set of key ratios that are utilized to determine the safety and soundness of your credit unions?  What are these ratios and what are the minimum standards for them? | Is there a minimum amount of capital required to license a new credit union (e.g., US$250,000)?  If so, why? | Please describe what forms of capital are permitted as regulatory capital (e.g., retained earnings, subordinated debt, withdrawable ownership shares, etc.). | Please describe if you require a minimum capital ratio for the credit unions you supervise.  What is this minimum and how is the ratio calculated? | Did you implement Basel I from the Bank for International Settlements, or a similar risk-based capital standard among credit unions? | Do you plan to implement Basel II for your credit unions? | Do you plan to implement fair value accounting reporting standards among your credit unions? | How/where do you train your supervisory staff? How many examiners work for the organization? | Do you currently, or have plans to, apply the Core Principles of Effective Banking Supervision issued by the Basel Committee on Banking Supervision at the Bank for International Settlements? | What, if any, disclosure requirement and voting requirements exist for credit unions that wish to voluntarily choose to convert from a credit union into a mutual bank or private bank?    What, if any, restrictions on capital/equity distributions exist in this process? | Do credit unions in your jurisdiction voluntarily or as a result of a regulatory requirement perform social audits of their performance relative to their missions? | Do credit unions have deposit insurance? | Is participation to the deposit insurance mandatory or voluntary? | Who operates the deposit guarantee scheme and is it government or privately owned? | Is there a stabilization fund for credit unions?  Who owns or operates this system and how does it complement or compete with the deposit insurance system? | What amount and percentage of deposits in credit unions are fully covered and or co-insured by deposit insurance (e.g., 100% coverage up to $50,000 and 50% coverage for $50,001 to $100,000)?  Is this level greater than, less than or equal to the deposit coverage available to banks in your country? | How is the deposit guarantee scheme funded? In an ex ante (pre-funded) or ex post (funded after failures) basis? | If funded on an ex ante basis, do the premiums that credit unions pay remain as assets on their books while in the deposit guarantee fund? | Annual premiums are set at what percentage of insured deposits?  Are premium risk adjusted? | Does the deposit insurance authority make the decision to intervene in a credit union? | Does the deposit insurance authority have the legal power to cancel or revoke deposit insurance for any participating credit union? | As part of failure resolution, how many credit unions were closed or merged in the last 5 years? | Were depositors wholly compensated (to the extent of legal protection) the last time a credit union failed? | On average, how long does it take (in months) to pay depositors in full when a failure occurs? | Can the deposit insurance agency/fund take legal action against credit union directors or other credit union officials? | What are the pressing issues that your organization faces? | What are the primary risks facing credit unions in your region today? | Other comments
Antigua & Barbuda | [NAME] of cooperatives                   [EMAIL] | Ministry of Cooperatives, Department of Finance and the Economy | $33,615,858 as of 5/31/06 | 5 | off-site - monthly, on-site twices a year | The credit unions are basically classified as small and three person carry out the on site exams |  | Yes, issue regs and supervise all CUs |  | No fees charged | Yes, these factors are profitability, viability, delinquency, PEARLS and unacceptable level of governance |  | 1 | No CEO. The Registrar of Cooperatives is the Head of the Department that reports to the Minister of Finance | Yes | PEARLS ratios | No. Act stipulates minimum number of 50 persons | Retained earnings, statutory reserves, development fund and permenant shares | Statuatory reserve and other reserves be at least 105% of total liabilities | Cooperative societies act did not implement [NAME] However, the International Businesses Corporation Act adpoted Basel Core Principles 1, 5, 14 & 22 | Under consideration | No | At CCCU workshop. There is only one examiner. | Part of International Businesses Corporation Act adpoted Basel Core Principles 1, 5, 14 & 22 but do not apply to credit unions. | None. This issue has not been addressed in legislation. | No | No | Voluntary | CUNA Mutual Insurance. Privately owned (EDITORS NOTE:This is not deposit Insurance | No | Three of 5 CUs have polices with CUNA Mutual. The coverage is $10,800 - $40,000. EDITORS NOTE: This is not deposit insurance coverage. |  |  |  |  |  |  |  |  | yes | Proper mechanisms are not in place to collect fins and penalty charges from credit unions. The League office is not functioning to its full potential | Delinquency; Most credit unions do not have the required capital base; Too many dormant members in most credit unions; Competition from other financial institutions
Australia | [NAME] General Manager [EMAIL] | Australian Prudential Regulation Authority | 25 billion | 160 | Onsite -2 years, offiste - quarterly | small 3-5 supervisors  large 5-8 supervisors | c. Part or a supra-regulator for the financial sector | APRA acts as the prudential regulator. The Australian Securities and Investments Commission (ASIC) is the corproate regulator. | Fees levied on credit unions | primarily based on asset size | yes.    We assess institutions on a number of risk areas | most quarterly, large institutions monthly | nearly all | Commission member positions are appointed by the federal treasurer | yes | capital adequacy minimum of 8% although APRA has the ability to increase the minimum required ratio | credit union must be able to demonstrate ability to meet capital requirements.    Capital provides a buffer for the protection of depositors. Start-up operations have a higher risk profile | retained earnings and various capital instruments (both tier one and tier two)    various reserves    Also, general provision for doubtful debt qualifies up to 1.25% of risk-weighted assets | 8%    Calculated primarily based on existing Basel Accord | yes | Yes | Yes | both internal and external training  APRA has extensive internal training program    some 350 - 400 staff would be examiners | Yes | governed by Corporations Law 9outside of jurisdiction of APRA)    That said, it would require full disclosure and approval by members at special general meeting    In terms of capital/equity distributions, these are permitted, however, APRA would need to be satisfied that the organisation would continue to meet its capital obligations. | some may but there isno requirement to do so | No | not applicable | not applicable | there is a credit unions support scheme that is industry run. Refer to CUSCAL's CUFSS scheme |  |  |  |  |  |  | can't respond to this specifically with a number as many mergers were pre-emptive to prevent potential failures in the future |  |  |  | staff turnover lowers overall experience of staff  pressure on levies  staying ahead of the 'curve' | competition - pushing too ahrd to meet the compeition in the market  maintaining appropriate levels of risk management   Governance weaknesses
Bahamas | [NAME] | Department of Co-operative Development | $180 million | 15 | 1-2 time per year on-site | 3 or 4 | Registrar of Coops | Director of Societies is the only Regulator for Credit Unions. Compliance | Taxes |  | Amount of infractions, High or low risk determined by nature of business, whether check off or over the counter deposits | monthly | Work in progress |  | New legisation makes provisions | We follow WOCCU's PEARLS ratios | No minimum, but capital adequacy is considered when determining viability | retained earnings | work in progress - to be consistent with international norms | No | Examining relevance | Will investigate and determine | 4 - Technical assistance from CARTAC- attachment to Central Bank. Developing relationship with NASCUS | To be investigated for possible implementation |  | Under discussion | No |  | Government is contemplating. Mandatory participation being considered | Yes/Limited. Owned by sector and operatored by Bahamas League | A comparable scheme is being contemplated |  |  |  |  |  |  | Yes |  |  |  | Adequate resources, staffing /training
Belize | [NAME] (Mrs.), Manager Financial Sector Supervision Department (FSSD)        [EMAIL] | Central Bank of Belize | US$167,226,845 | Fourteen (14) | Off-site examinations is done continuously  on all credit union | The number of personnel that comprise an on-site examination for a small or large credit union is dependent on whether the examination is a full-scope or risk focus.  Ideally, four (4) persons make up an on-site team for a small credit union and six (6) for a large one. | b. Part of the Central Bank | The  Central Bank of Belize is the only regulatory agency responsible for the supervision of all credit unions in Belize.   The Minister of Finance, with responsibility for the Central Bank of Belize, issues regulations. | d. Other | No -  The Central Bank of Belize charges an annual registration fee on all credit union with assets above US$10 million | Yes  -  The factor used is the impact that the credit union may have on the country’s economy | a. monthly |  | The Registrar of Credit Unions as stipulated by the Credit Union Act is the Governor of the Central Bank.  The Governor of the Central Bank is appointed by the Governor General of Belize on the recommendation of the Minister of Finance. | Yes – When Registrar places them under administration.  The Registrar also has additional  power to close credit unions with membership below the required amount, non-functional, or are no longer viable. | We are in the implementation phase of the PEARLS Ratio | No. | Guaranty Fund, retained earnings, shares | This minimum will be as implemented in the PEARLS Ratio | No | No | No | Examiners are trained both locally and internationally.  The Central Bank of Belize requires a bachelor’s degree in business administration, accounting or finance.  In addition they attend courses on supervision sponsored by the Federal Reserve and Office of Comptroller of Currency.   Nine (9) Examiners | Yes | They will need to meet the requirements stipulated in the Banks and Financial Institutions Act. | No | No |  |  | No |  |  |  |  |  |  | Closed  -  6 Merged  -  0 | No |  |  | 1.Implementation of PEARLS 2. Staffing  and training specific to the regulation and supervision of Credit Unions 3. Upgrading the standard of small credit union | Usual Risks: - Operational Risk -Liquidity Risk -Reputational Risk
Canada (Newfoundland & Labrador) | Winston Morris  Province of Newfoundland and Labrador [EMAIL] | Credit Union Deposit Guarantee Corporation | $460 million | 13 | every two years on-sitemonthly monitoring off-site | 2 | a. As an independent government agency | We regulate credit unions in our province only  Each of the 10 provinces in Canada has their own regulation of credit unions and all other financial services,except banks, which are federally regulated | Financed by revenues from a deposit guarantee scheme | To a limited degree.  Credit unions obtaining capital adequacy pay less than those that have not obtained capital adequacy | Not formally.  With only 13 credit unions, we know the situation of each intimately and concentrate more on the risky ones | monthly | 1 | Government appoints all 6 Board members.  3 are selected frome names nominated by the credit union systemj | Yes | Yes  Capital 5% of assets  Liquidity 6% of liabilities  We also moniter profitability,loan deliquency, fincial margin, operating expenses, loan growth, deposit growth, membership and employees but have no minimum standards for there areas. | We generally require 300 members with $100 share each for a total of $30,000.  We believe this is an absolute minimum to get started. | Withdrawable ownership shares  Other issued shares  [NAME] earnings | 5% of assets | no | No | No | Staff are trained on the job  2 examiners | No | This is not possible in our jurisdiction.  [NAME] require a federal charter. | No | Yes | mandatory | The Credit Union Deposit Guartatee Corporation which is a government Crown Corporation | The deposit guarantee fund also serves as a stabilazation fund. | 100% coverage up to $250,000 per type of account | ex ante | No | 1/6 of 1% for those with 5% capital  1/6 of 1% fror those with less than 5% capital | Yes | The Deposit Insurer is also the Regulator and has the authority to close down a credit union. | 5 merged. none closed. | No failures. | No experience. | Yes | A large potential iability to the compensation fund to to a significant loss in a credit union involving criminal activity | Obtaing quality lending staff and management, particularly in rural areas.
Canada            (Nova Scotia) | [NAME]CEO  Nova Scotia Credit Union Deposit Ins Corporation    [EMAIL] | Nova Scotia Credit Union Deposit Ins Corporation | $1.26 billion | 34 | every 2.5 years on site, monitor monthly off site | We use a team of examiners ranging from 1 person for a small credit union (under $2 million) to a team of 5 for the larger ones. | a. As an independent government agency | There is also a Superintendent of Credit Unions that also does examinations and is responsible for the Act and Regulations. | Fees levied on credit unions plus investment income | Yes. We use a differential fee system based on CAMEL scores. | Based on our monthly monitoring system and other information is how we determine who is examined on site. We also examine all new managers at the 6 month mark of their employment. | monthly | 1 | They are appointed by government for 3 year terms. We have 7 members and although they are all appointed by government, Credit Union Central of Nova Scotia provides names to the government for 3 of the seven positions. | Yes under the power of Supervision. | We do have benchmarks but these are mostly industry standards and not unique to credit unions. | They would require 5% of assets to start a credit union in the province. | retained earnings and withdrawable member shares. | All credit unions are required to maintain 5% of assets in capital. | No | No | Yes | Our examiners take part in ongoing training provided within the system and well as through CuSource programs. We have 2 full time examiners and a contract pool of 3. | No |  | Some voluntarily perform social audits but they are by far the minority. | Yes | mandatory | Our organization operates the deposit ins scheme. | We are also the stabilzation fund so we have both the powers of stabilization and deposit ins. | 100% up to $250,000. Additional coverage available for mutual funds through stacking of contracts. Coverage is greater than that offered by teh banks. | ex ante | No | Risk rated between 7-12 Bps of average assets. | Yes...but must have approval from Superintendent to place a credit union under supervision. | Yes | 10 | Yes | 1 month | Yes | 1.Succession of senior management in credit unions.   2. Shrinking margins.  3. Increasing competition in the marketplace | See previous comments
Canada (Ontario) | [NAME] ([NAME]) Poprawa  President & Chief Executive Officer          [EMAIL] | Deposit Inusrance Corporation of Ontario | $21 Billion | 227 | Off-site - annually;  On-site - every 18 months | Small - one to two  Large - three to five | a. As an independent government agency | DICO in conjunction with the Financial Services Commission of Ontario, supervises credit unions licensed in Ontario.  There are nine other provincial regulatory organizations in Canada supervising credit unions. | Financed by revenues from a deposit guarantee scheme | Yes.  DICO has a risk based deposit insurance premium.  The five elements that comprise the risk based system are based on a CAMEL approach with the following weightings - Capital 35%, Asset quality 10%, Management (Governance) 20%, Earnings 25% and Liquidity & Asset/Liability Management 10%. | Yes.  Schedules for both on-site and off-site are determined by several factors including CAMEL scores, pre-defined financial or operational indicators, environmental concerns and previous off-site and on-site examination results. | quarterly | 1 | The Board of DICO is appointed by the government with at least four board members being nominated by the credit union system.  Board members are appointed for a three year term with a mzimum of two terms (usually a six year maximum.  The Chief Executive is appointed by the board of directors.  The Chief Executive of the Financial Services Commission of Ontario(themarket conduct regulatory agency) is appointed by the government. | Yes | Guideline as to Indicators of a Higher Risk Profile of a Member Credit union Capital -capital below 5.5% on a leverage basis  -capital below 10% on a risk weighted basis.-reduction in capital of more than 10% since last fiscal year end. [NAME]-a 15% increase in loan costs over one year -loan costs in excess of 20 bp -annual asset growth in excess of 15% in higher risk categories, i.e. commercial loans  -delinquency rate in excess of 3.5% in commercial loans and in excess of 1.5% in total loans -annual increase in excess of 20% in specific provision. Liquidity -liquidity ratio below 10% over two consecutive quarters. Corporate Governance -failure to have documented policies appropriate for size and complexity  -failure to materially adhere to significant risk management policies  -failure to hold meetings of board and audit committee in accordance with its bylaws or the Act  -major or sustained non-compliance with the credit union's own bylaws or policies or the Act and regulations. Earnings  -operating losses for two consecutive quarters  -operating expenses in excess of 20% since last fiscal year end  -cumulated losses  -decline in profitability over the three last years Asset Liability Management -failure to manage interest rate risk in accordance with its own policy -shock test 15% or above over two consecutive quarters. | No minimum capital requirements however it would be highly unsual to approve a new credit union charter without a busines plan that demonstrates that a credit union could continue without new capital for at least five years (ie. five years without earnings and still meet the minimum statutory capital requirements). | Membership shares  Patronage Shares (issued on the basis of business conducted with the credit union)  Subordinated debt  Investment shares (require a prospectus approved by the regulator and can only be purchased by credit union members)  Contributed capital | Two minimum capital requirements:  Leverage test - minimum of 5% of assets  Risk weighted test (BIS 1) - minimum of 8% of risk weighted assets | Yes | Yes | Yes | Staff are trained using a combination of in-house and esternal professional training sources.  Most staff members have either professional designations or extensive experience in the financial services sector.  We have eight inspectors on staff supplemented by professional firms which are engaged to perform examinations on our behalf. | Yes | There are no provisions at this time for a credit union to convert to another form of institution.  However, amendments to legislation are being introduced to allow for a continuation of a credit union into another form of organization - requirements have not yet been determined, however it is anticipated that a level of approval of about 80% of membership would need to approve such a continuance. | Some credit unions conduct such an audit on a purely voluntary basis.  Of 227 credit unions in Ontario we are aware of three that do so. | Yes | mandatory | The Deposit Insurance Corporation of Ontario provides deposit insurance and is an independent government agency. | In Ontario, since there are several leagues each has its own stabilization fund. Two stabilization funds owned and operated by the leagues are active as required. The third is inactive.  Stabilization funds have complemented the deposit insurance scheme in circumstances where it has been felt that the credit union could be rehabilitated. | Deposit insurance coverage includes the following levels:    100% of regular member deposits up to a limit of Cdn$100,000 (same as federally regulated banks)    100% of all registered retirement and other registerd funds (federaaly regulated banks are limited to Cdn $100,000) | ex ante | No | DICO has five tiers of Premiums depending on their risk adjusted CAMEL scores:  1  Cdn $.90  per $000 of insured deposits  2. Cdn $1.00 per $000 of insured deposits  3. Cdn $1.15 per $000 of insured deposits  4. Cdn $1.40 per $000 of insured deposits  5. Cdn $2.10 per $000 of insured deposits | Yes - intervention criteria are set out in policy which is published and distributed to all credit unions.  There are four levels of intervention:  1. Watchlist - intensive monitoring  2. Supervision - oversight of the board  3. Administration - management of the credit union  4. Liquidation - winding up the operations | Yes | 10 | All credit union depositors have been protected from loss whether or not they were insured to the legal limit. | less than 1 month | Yes | Refinement of the risk assessment process  Refinement of the risk based premium structure  Implementation of a BIS II capital adequacy regime | 1. Competition from other financial service providers resulting in reduced earnings  2. Demographic trends - older members with fewer borrowing needs & difficulty in finding volunteers  3. Increased costs of operations - especially technology and human resources | Thanks for doing this survey!  It will help us understand what is going on around the world....
Ecuador | [NAME], National Manager of Financial Institutions. Efren [NAME], Technical Sub director of Credit Unions | Superintendent of Banks and Insurance | 695.2 Millions | 39 | Off site 12 times a year (monthly) at least once a year | 5 | a. An independent government agency | In Ecuador, two laws exist for the credit union sector.  The law of Credit Unions promote the sector and the union cooperatives (that have a common link as public employees, teachers, armed forces, etc.) and the general law of institutions of the financial system.  Those controlled by the Superintendent of Banks are those who make the financial mediation with the public in general (open), understanding with partners and who aren't partners.  Another regulator exists that depends directly from the central government, which is this secretary, that takes care of controlling those first mentioned.  The Cooperatives controlled by the secretary in conformity with the law of credit unions can realize a financial mediation solely with their partners. | B. payments made by Credit Unions.  Others: A value of one thousand on average for its assets. | NO | A Risk Supervision is in development.  We are in the stage of adaptation internally as well as externally, at the supervisor level and controlled entities.  There has been risk rules released of liquidity, market, credit, operative, legal and technological.  Instructions about a corporate government exist. | a. Every month                           d. Other Most of the information has a monthly frequency.  For determination of liquid risk (daily information). | Direct access to Electronic Data does not exist, although daily balances and structures for certain risk control are transmitted. | The superintendent of Banks and Insurance was appointed for the National Congress of a term remitted by the President of the Republic and lasts 4 years under his name. | Yes | Solvency; 12% of the weighted assets of risk must be covered by patrimony | Yes. There is a minimum requirement established of 200 thousand in capital and 780 thousand in technical patrimony. They are values that make a Credit Union sustainable through time. | The technical patrimony will be established by the paid capital sum, reserves, the total of utilities of exercise flow once established the provisions, adjustments and reserves, the utilities accumulated from previous exercises, future contributions of capitalizations, minus the provisions deficiency, amortizations and required depreciations, desmedros and other parts that the credit unions have not recognized as losses and that the superintendence labels as such. | The ratio of minimum capital for the credit unions is general and corresponds to the 12%.  The calculation is on the weighted assets for risks in that each asset weighs in function to its capacity to convert to liquid.  En the calculation of patrimony, 100% is taken from the certificates of obligatory contributions and 90% from the certificates of common contribution in this first year.  Until the year 2014, 100% of the certificates of common contributions with be unincorporated from the calculation of technical patrimony. | No | Yes | Yes | In the Superintendence of Banks and in International Organizations, although a support is required for training 110 (off site, in site and attorneys) for all of the financial institutions in the country. For the credit unions 30. | Yes | No | Please clarify the question, in the subject of voluntary social auditing | Yes | Obligatory | The Agency of Deposit Guarantees (AGD). Governmental Agency | The idea exists for the creation of a fund in the actual legislation.  It is not structured yet.  They do not complement each other. | 9.300 US Dollars for all of the depositories in a consolidated form. | Please clarify the question | The Contribution is not linked to the level of risk and is confused with the entire patrimony that manages the Agency of Deposit Guarantees (AGD) | In 0.54 by a thousand of the daily increase of time and savings deposits. | No | No |  | There is no case of concrete experience in credit unions, although in the bank sector the depositors have not been totally compensated | The payments from the crisis in 1999 have not been paid yet | According to the code of penal procedure, action can be taken against a person who has inadequately administered resources. | Complete the implementation of Basel I and II | Corporate Government and Risk of Patrimony Requirement | Facing a patrimony requirement, an answer does not exist from the partners. Information referring to regulation and other interests of the credit union sector is found on the web page: www.superban.gov.ec
Grenada | [NAME] – Registrar of Co-operatives (Acting)           Alister.Philip@yahoo-co-uk, [EMAIL] | The Department of Co-operatives | US $171, 263, 813.95 | Twenty-two | On-site inspections – annually – off-site monthly | Inspection of large Credit Unions six; small Credit Unions four | Department of Co-operatives is Government’s sole Regulatory Institution headed by a Registrar | Co-operative Credit Unions are regulated by a Co-operatives Societies Act and Co-operative Societies Regulations | The Regulatory Agency is part of the Public Service and funded by Government. |  | The frequency of off and on-site examinations is usually based on our analysis of  Monthly Financial Reports | Reports are received on a monthly basis. | The Movement has seven (31%) computerized Credit Unions which provides access to their electronic data. | Registrar is appointed by a Government authority – the Public Service Commission with responsibility for the monitoring, supervising and regulating of all Co-operative Societies. | Yes | 18. The PEARLS Standards are utilized to determine the safety and soundness of our Credit Unions. Protection-min 8% or greater. Earnings- net income/average assets 1% or greater operating expenses/Gross income 50% or less. Assets Quality 5% or lessl Rates Growth - Savings growth rate annual 10-20% Loan growth rate annual 8-15% Liquidity - Loans/total assets 70 – 85%. Structure - Non-earning assets/total assets 6% or less. | No | 20. [NAME], statutory reserves | 21. Minimum 8%: Capital/Total assets | 22. Standard use is 8% or greater | 23. No. | 24. Yes. | 25. In-house and external training – seven supervisory staff | 26. Yes. | 27. None. | 28. Yes – annually | 29. Yes | 30. Mandatory | 31. Privately owned | 32. Yes – The Development Fund administered by the Grenada Co-operative League. | 33. Savings 100 – 10, 800 per member, Loan 100% - 54, 000 is covered. |  |  |  |  |  |  |  |  |  | 1.Outdated Legislative Provisions 2 Inability to enforce Legislation 3.Establishment of a Single Regulatory Unit and its implications for the Department of Co-operatives. | 1.The impact of market-friendly reforms on the Credit Union Sector viz: the inability of Credit Unions, through lack of resources to implement new regional and global reforms. 2.Credit quality and weakness of operations.
Guinea-Bissau | [NAME] | [NAME] | 120.000USD | 12 | 24 | 1250 Total Persons | other: Economy Ministery |  | Financed by revenues from a deposit guarantee scheme |  |  | monthly |  |  | yes i do |  |  |  |  |  | Not sure |  | 5 |  |  |  | Yes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -
India | [NAME]  Deputy General Manager [EMAIL] | Reserve Bank of India | 45b | 2106 | Quarterly (off site), 1-2 years onsite | 2 - 5 persons depending on the size | b. Part of the Central Bank  c. Part or a supra-regulator for the financial sector | Yes, Reserve Bank is the regulator and supervisor of all Cooperative Banks. The Registrar of Cooperative Societies of the stae is also empowered to regulate these entities | Reserve Bank is the Central Bank of the country | Not applicable | Yes. We follow the CAMEL ratring model | monthly, quarterly, semiannually, Annually | 40 per cent | The Governor of the Reserve Bank is appointed by the Government | Yes, but we take the Registrar of Cooperative Societies into confidence | Yes  The important parameters are CRAR, profitability, level of NPAs, liquidity and solvency | Yes, there is a graded structure | Paid up share capital, reserves, earnings | The CRAR required is 9 per cent | Yes | Yes | Yes | We have specialised training colleges plus we also conduct customised programmes as when needed | Yes | There are restrictions | Yes | Yes | mandatory | DICGC | No | 100 per cent upto Rs. 1 lakh ($2000) | ex ante | Yes |  | Depends | Yes |  | Yes | Depends | Yes | - | Liquidity, Solvency, Credit, Operational Risks | -
Ireland | [NAME][EMAIL] | Irish Financial Services Regulatory Authority | $15bn. | 430 | quarterly off site  - about every two years on-site | Small 2  Large 3 | c. Part or a supra-regulator for the financial sector | We issue directions in accordance with law but do not make regulations  We are the only regulator | 50% levy  50% Goverment | No | Yes - risk based    Factors - solvency, liquidity, profitability, bad debts, other intelligence | quarterly | Access to online data - nil | Government appointees  generally five year term | We can remove, directors, supervisors and auditors but not employees.    We can apply to the courts for the appointment of an administrator,examiner or liquidator. | We have a set of key rations - will supply these separately on request |  | Capital takes the form of [NAME] (withdrawable), Statutory Reserve,and [NAME]. |  | No | Not sure | Not sure | We have a staff or 21  All inspectors are professionally qualified in finance or law |  | There is direct legal process by which this can happen in Ireland | No | No | There is a voluntary non-statutory savings protection scheme operated by the Irish League of Credit Unions | Above is administered by the ILCU but legal ownership is unclear | The above scheme is also used for stabilisation utilising one and the same fund. | [NAME] dollars per member | ex ante | No |  | yes but does not affect the regulators action
Jamaica | [NAME] | Department of Cooperatives | $503 million | 49 | On-site annually, off-site monthly | Small 1 -2 ; Large 2-3 | Registrar of Coops | Yes, in conjunction with Central Bank | Taxes | No | Yes, Funds under management; Financial management challenges revealed through previous exam and/or audit. | monthly | 1 | Yes. Civil Servant Commission. | No authority to remove officials.  Department has authority to put credit union under supervisory management and cancel or suspend CU's registration | Yes, PEARLS-M | No. Economic viability is the major factor. Pending regulations will set minimum capital | Retained earings; permenant (non-withdrawalable) share and voluntary (savings) shares | Yes. Asset base of 10% | PEARLS -M | No decision on Basel II | Already impletmented | MIND/GOJ Training Institute; In-house; Jamaican League's workshops; 9 examiners | To be evaluated as part of pending Bank of Jamaica- credit union regulations | Bank of Jamaica regulations cover conversion into banks | Only administrative and financial audits are enforced. Social audits are done as a strategic choice | No | Mandatory for stabilization fund | Formal deposit guarantee scheme is operated by the Fiancial Services Commission for Banks, Building Societies, Insurance Companies, Trust Companies | Yes. Credit unions own it. Operates as a subsitute for deposit insurance scheme | No limit or ceiling formally exists for within the Stabilization Fund | Formal system funded by feed paid by banks |  |  |  |  | 8 and additional 4 were merged by strategic choice | Yes | Within one year if no legal appeals or challenges. | No. Has no jurisdiction over credit unions | 1) Procrastination on thepart of government to have legislation amemded. 2) Budgetary restraints to recruit and train requisite quality and quantity of staff. 3) Inept CU management | 1) Competitive Financial Sector  2) Challenging economic environment 3) Convergence of common bonds
[NAME] | [NAME]    Commissioner for Cooperatives [EMAIL] | Department of Cooperatives | No avaialble data at present | 101 | once a year for both | 45 | Other (please specify) | My organization and the Central Bank of Lesotho | Taxes | No fees | No | Annually | none | In my organization which is a Government Department, the Chief Executive (CoMmissioner) is appointed by hte Governemnt but in Credit Unions by the members themeselves. | I can liquidate them but I cannot cannot appoint or remove the officials. | No | No, members determine it for their cooperatives | wihtdrawable ownership shares | No | No, I have not heard about it |  | Not sure | I use consaltants to train them and the Lesotho Cooperative College | Not sure |  | yes | No | Non-existant in the country | It is not existing | No | No insurance | Not existing |  | No insurance |  |  | 4 | No compersations |  | No insurance | capacity building for members and extension officers
Moldova | Milicenco Iurie   [EMAIL] | State supervisory body of SCAs | Us $ 30.020.753 | 524 (as of June 30, 2005) | off-site - at least once a year; on-site - every quarter | at least 2 persons - small SCACs  at least 3 persons - large SCACs | An administrative authority, part of the Ministry of Finance, possessing a statute of legal person, having its own stemp and bank accounts. | SSB of SCACs is the only Credit Union Regulator in Moldova | Governmental financing | No | SSB of SCACs doesn't utilize a risk-based supervisory structure | quarterly | 1 | The activity of SSB is administrated by the Chief of SSB. He is appointed and dismissed from his/her position by the Minister of Finance. There is no term for activating in this position. | No | SCACs must fullfill the requirements established by the Financial Prudential Norms:  1)Institutional Reserve (IR): IR=minimum 10%of Total Assets  2)Liquidity Requirements (LR):   LR=10%of poste restante deposits  LR=100% of by the time deposits  3)Amount of one loan should not exceed 5% of Loan Portofolio | No | Retained earnings | Reserve capital that must be constituted by minimum 10% of Total Assets VAlue of the SCACs | No | No | Not sure | - self-instruction  - international experts and consultants (most intensive in 2000-2002 period)  6 examiners work for SSB. | No | SCACs can not convert into a mutual bank or private bank | No | No | Other (please specify) | - | - | No | - | Other (please specify) | - | Other (please specify) | Other (please specify) | 45 SCACs | The last SCAC that failed registered no deposits. | There is no experience in the field. |  | insufficient financing  - a great number of small SCACs (supervision)  - lack of well-instructed staff (due to small salaries) | 1. They are small and have a low level of long-term stability  2. Low level of SCACs management  3. Inappropriate risk supervising (mostly based on external funding-bank credits)  4. Narrow range of servicies provided to SCACs by assisiting organisations.
Poland | Wiktor Kaminski, vice president  [EMAIL] | National Association of Cooperative Savings and Credit Unions | $1.5 bilion | 77 | On the monthly basis off site. On-site: according to annual control plan (complex examination not less then every 3 years) |  | e. Independent non-governmental organization with delegated supervisory power | NACSCU is the sole regulator and supervisor (Ministry of Finance has some power to control CU in area of anti-money laundrying law) | NACSU is financed through a regular fee (0,4% of cumulative income of CUs as of EOY) and through it’s own financial activity (CFF). Savings protection is issued by other organization: TUW SKOK (CU Mutual Insurance Society) and financed through risk-based premium. | Not for NACSCU, only savings protection issued by other organization: TUW SKOK (CU Mutual Insurance Society is financed through risk-based premium | Yes, the frequency of on-site examinations depends on risk and provisions of Cooperative Law . 2)Financial standing, operational risk |  |  | no 2) Supervisory Board of NACSCU is elected by General Assembly for 6 years, Supervisory Board appoints Managing  Board, no specific term, management can be removed from office at any time, no justification is required. | Should it be established that a credit union operates at a gross breach of law or articles of incorporation, National Association  may: 1)  move to the relevant body of the credit union to remove members of management board directly responsible for the established irregularities, 2)  suspend individual  members of management board of the credit union, mentioned under 1) above, until the motion for their removal is examined; the suspension shall consist in the exclusion of such persons from taking decisions regarding the credit union's financial rights and liabilities. In the imminent danger that a credit union should stop paying its debts, or when the operation of a credit union indicates gross or persistent violation of law, National Association may suspend operation of the credit union, at the same time establishing a temporary administrator for the credit union. 2.Operation of the credit union may be suspended until new supervisory and management boards are elected, however for a period not exceeding 6 months. 3.The term of office of the credit union's bodies shall be terminated as at the day of establishment of  the temporary administrator. | Yes,see attached prudential standards system ‘KAPER’- attachment 1 | There is no minimum amount of capital required |  | See attachment 1 | There was no such requirement according to existing law, NACSCU is analyzing potential benefits of Basle II implementation |  | Yes | Supervisory staff is being trained by the Foundation for Polish  Credit Unions and the National Cooperative Council. NACSCU is also financing university and post-graduate university studies for employees. 2)11 full-time examiners | No |  |  | Yes | Mandatory | CU Mutual Insurance Society (TUW SKOK) – there is no governmental component in deposit insurance | Yes. Stabilization fund is created by NASCU, formed from contributions made by associated credit unions in the amount of at least 1% of their assets; also balance - sheet surplus of National Association shall increase the stabilisation fund; it complements deposit insurance – stabilisation and deposit insurance together form Savings Protection Program | 100% coverage up to 22.500 EUR ;  1 EUR =0.83 USD. This level is greater than level of deposit insurance  in banks  (equals 100% coverage 1.000 EUR; 90% coverage up to 21.500 EUR) | In an ex ante basis | Stabilization fund: remains an asset. Insurance premiums are cost for CU. See attachment for risk based premium scheme for deposit insurance |  | No, NACSCU – the stabilization fund holder is sole supervisor and regulator for CU’s | TUW can cancel deposit insurance | From 2000 – 2005 (September):. 110 CU’s merged – in majority as result of norm of acceptable risk – risk diversification (including 23 credit unions merged as result of administrative actions) | Until now none of  credit union failed; in one liquidated CU members were fully compensated according to terms and conditions of insurance contract | N/A – only one case of liquidated CU. Procedure says that asap after the depositors list is ensured. | yes | Unfair competition, new software implementation, Basle II and IFRS | Competition from banks
Trinidad and Tobago | [NAME] for Co-operative Development  [EMAIL] | Co-operative Development Division | US$1 Billion | 129 (active) | On-site only -- at least quarterly | Average two (2) | [NAME] of cooperatives | The Commissione is the sole regulator | Taxes | No.  The Co-operative Development Division is a government agency and all expenses are paid for by the state | No.  Visits are made to societies to provide necessary help and advice.  Co-operative Officers attend Board and General [NAME] as required from time to time in order to observe and provide assistance accordingly. | annually | 100% - The Co-operative Socities Act makes provision fo the Commissioner to have access | Not applicable to our operations | Yes, After an Inquiry is held into constitution, operations and financial position and if the Board fails to remedy the unacceptable findings of the Inquiry within the time-frame set by the Commissioner in accordance with the Co-operative Socities Act | PEARLS Monitoring System | No | Members' Equity  Statutory Reserve Fund  Retained Earnings | No | No | Not sure | Yes | Cipriani College of Labour and Co-operative Studies  Other external agencies both local and foreign  In-service training provided by the Training Section of the Co-operative Division | Not sure | none | No | No | Not a legal requiement for credit unions | Not applicable | Yes.  A secondary body - A co-operative owned by member societies.  It does not compete with other system |  | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Merged - 4   Closed - 6 | No | At least twelve (12) months | Not applicable | Inadequacy of structure with attendant staff shortage | The respondent has asked to keep this information confidential. | An evolving sector which needs the support of all stake holders to ensure sustainable growth and development
United Kingdom | [NAME],                            Credit Union Adviser  [EMAIL] | Financial Services Authority | c. US $750 million | 562 | Examination off-site tends to be restricted to monitoring of potential breaches reported on financial returns (4 Quarterly & 1 Annual return).  Ad hoc reviews may be carried out when individual credit | Our personal security policy is to send a minimum of two people on each on site visit. | c. Part or a supra-regulator for the financial sector | Financial Services Authority regulates/supervises all credit unions in Great Britain, and the Department of Enterprise, Trade and Investment does the same for the remaining part of the United Kingdom (Northern Ireland) | Fees levied on credit unions.      Credit union supervision is subsidised to an extent by other deposit-takers (banks and building societies) | No.  It's based on size of business (eligible liabilities). | Yes.  The factors are based on the risks that we consider the CU will place on our own statutory objectives: market confidence; public awareness; consumer protection; and the reduction of financial crime. | quarterly |  | Yes.  Chief Executive and Board are appointed by HM Treasury (board members for a period of three years). | FSA has power to remove officials and close credit unions, but not to take them over. | Liquidity - 10% of freely withdrawable shares (5% for larger credit unions)  Capital - see Q22 | œ1,000 for basic credit unions, œ5,000 for those which want to do more. | Retained earnings, subordinated debt, property revaluation reserve (up to 25% of total capital) | Positive net worth - basic requirement.  5% - to make loans over œ7,500 - or if assets more than œ5million, or more than 5,000 members  8% - for credit unions with wider powers - or if assets more than œ10 million, or more than 10,000 members | No | No | No | Staff are trained in-house on regulatory processes and then receive tailored on-the-job training | No | No power to convert to bank.  On dissolution, assets must be transferred to another credit union or applied for charitable purposes. | No regulatory requirement and not done voluntarily so far. | No | Mandatory deposit guarantee scheme.  See Q32. | Independent body created under statute. | No | The maximum levels of compensation provided for deposits by the guarantee scheme are: œ31,700 per person (100% of the first œ2,000 and 90% of the next œ33,000).  The same levels apply to banks and other deposit-takers. | )  Mixed.  [NAME] of the amount estimated as being required for next twelve months, topped up by further levy as required. | No | [NAME] is related to periodic supervision fees, which themselves are related to size of business, rather than risk.  See [NAME]. | No | No | We do not hold the data.  Of the c.210 credit unions that have closed, we estimate c.8% have closed/merged to avoid failure | Yes, we understand so.  The Compensation scheme is an independent organisation from the regulator (see Q32) and so we do not hold detailed information, but a compensation scheme has existed for credit unions since 2002 | We do not hold the data, as the compensation scheme is a separate organisation from the regulator.  However, we understand that the time taken depends on the quality and accuracy of data provided by the credit union, and can take some months. | No, FSA responsibility | The respondent has asked to keep this information confidential. | The respondent has asked to keep this information confidential.
United States NASCUS | [NAME]                          Director of Credit Unions   [EMAIL] | Department of Financial Institutions | $17.5 billion | 79 | quarter review off-site and 12-18 months on-site depending on CAMEL ratings | one examiner for a credit union of $1.8 million for 40 hours;8 examiners for a credit union of $5.5 billion for 480 hours | a. As an independent government agency | The Washington State Department of Financial Institutions is one of 48 state and territorial regulatory agencies that regulate 3,779 state or territorial chartered credit unions.  There is also the National Credit Union Administration for 5,439 federally chartered credit unions. | Fees levied on credit unions | No, it is asset based. | Yes.  In general,we do on-site examinations for overall CAMEL 1 rated credit unions on an 18 month cycle.  For CAMEL 2 rated credit unions, we do an on-site exams on a 14-16 month cycle.  For overall CAMEL rated 3 credit unions we do a full exam every 12 months with a 6 month follow-up exam.  For CAMEL rated 4 or 5 credit union, we do on-site exams on quarterly basis. | quarterly | 100% at time of on-site exam | Our agency director, Director of Department of Financial Institutions, is appointed by the Governor of the State and confirmed by the State Senate. He or she serves at the pleasure of the State Governor. | Yes. | We follow the National Credit Union Administration (the federal deposit insurer) key ratio standards combined with analysis of the risk of the individual credit union.  Some of the key ratios are net worth, return on average assets, delinquency, loan charge-offs, cost of funds, yield on assets, investment yield, loans-to-deposits, operating expenses to gross revenue, and operating expenses to assets. | Depends on the business plan and budget.  The most recently opened new credit union began with about $300,000 US. | Retained earnings for all credit unions.  [NAME] earnings and secondary capital for low income designated credit unions. | 7% net worth to total assets.  It is calculated as (retained earnings and regular reserve) divided by (total assets). | No | Not sure | Yes | We have 4 supervisory staff (one director of the division, one program manager over examinations and enforcement, and two examiner supervisors).  We train our supervisory staff from classes sponsored by the National Association of State Credit Union Supervisors (NASCUS), the Washington State Department of Personnel, and the National Credit Union Administration.  We have 14 credit union examiners. | Not sure | A credit union must provide written notice of its intent to convert to a mutual savings bank to eligible voting members at 90 calendar days, 60 calendar days, and 30 calendar days for the date of the membership vote on the conversion.  A ballot must be submitted not less than 30 days before the day of the vote.  The credit union must receive an affimative vote from two-third of the membership voting.  The regulator must approve that the methods, procedures, the notice, and the vote were all conducted in a fair and legal manner.  There is not capital/equity distribution at time of converting from credit union to mutual savings bank. (However, there is equity distributions if the mutual savings bank then converts to a stock bank.) | No | Yes | mandatory | The National Credit Union Administration - is a federal agency of the US government. | No | $100,000 per individual as fully covered;  Similar to coverage available to banks in the US | ex ante | The credit unions send a check for 1% of the deposits which is held and invested by the federal deposit insurer.  The 1% deposit does show as an asset on the credit union books. | If the credit unions are assessed a premium, it is calculated as a percentage of the insured deposits. | The state regulator or deposit insurer (or both) may make the decision to intervene in the credit union. | Yes | All were voluntary mergers, none closed.  We did merge 33 credit unions - some of them healthy but CEO was retiring. | N/A - voluntary mergers with deposits transferred without any losses |  | Yes | Updating the state credit union act against banker opposition; possible future recruitment challenges due to the private sector paying much higher salaries; sufficient staffing to examine for bank secrecy act and other new un-funded mandates; credit union consolidation and bank conversions. | Fierce competition for consumer loans and deposits.  Heavy compliance costs, especially for credit unions with less than $50 million in total assets.  Few new entrants (new credit unions) due to difficulty of obtaining donated capital.  Difficulty of getting new powers or authorities past bankers' political opposition.
United States NCUA | [NAME]Chairman                        [EMAIL] | National Credit Union Administration | Total assets of credit unions insured by NCUA were $669.7 billion as of June 30, 2005.  NCUA is the regulator of federal credit unions, which held $372.1 billion as of June 30, 2005. | NCUA insured 8,871 credit unions as of June 30, 2005.  NCUA regulated 5,494 federal credit unions as of June 30, 2005. | Quarterly via review of the quarterly call report.  On-site on average 18 months unless more  frequent is determined necessary. | The examination team is generally not determined by the credit union's asset size.  This is a factor to consider, however, the examination hours are influenced more by risk to the insurance fund.  Depending on the credit union's CAMEL Code, risk ratings, and risk of loss to the fund, an examination can vary from one examiner to several.      Generally speaking, a small well-run credit union (less than $10 million in assets) can be examined by one examiner in a two week period.  A large well-run credit union (greater than $500 million in assets) can be examined by teams up to ten examiners over a two week period. | a. As an independent government agency | The NCUA regulates and insures all federal credit unions.  Federally insured state chartered credit unions are primarily regulated by the state regulator.  The NCUSIF insures member deposits in most state chartered credit unions.  Therefore, the NCUA is responsible for measuring insurance risk in these state chartered institutions.  There are also privately insured state chartered credit unions, for which the NCUA does not have responsibility.    The NCUA works jointly with the state regulators to identify and jointly examine and supervise credit unions representing risk to the NCUSIF.      Each state regulator has its own state law as it pertains to credit union regulation.  Some state regulations are very similar to the federal regulations.  There are special requirements outlined in the NCUA Rules and Regulations, Part 741, which includes special requirements for state chartered credit unions to maintain federal insurance. | Fees levied on credit unions | No.  Operating fees are assessed based on an asset size scale set by the NCUA Board. | Yes, credit unions are examined using a risk based approach.  Based on a review of quarterly call reports and discussions with management, risk areas are defined.  Depending on the level of risk to the NCUSIF, the frequency of examinations and supervision are determined.  Generally, federal credit unions are examined every 18 months.  Well capitalized and well operated credit unions (as determined by CAMEL rating) with profitable earnings qualify for risk based scheduling.  Risk based scheduling allows the NCUA to shift resources as necessary to focus on credit unions posing risk to the NCUSIF.    Problem institutions are examined annually with either semiannual or quarterly onsite contacts.  Quarterly call reports and monthly financial statements are reviewed and trended depending on the severity of the problems and risk of loss to the NCUSIF. | quarterly | Approximately 70% | The NCUA Board is appointed by the President of the United States and confirmaed by the United States Senate.  The term is limited to one six year term. | Yes | Yes.The NCUA uses a CAMEL rating system introduced in 1987, updated in 2000, and again updated in 2003, to assign resources to credit unions.The 2003 update incorporated the risk rating concept whereby examiners assign a risk rating to seven risk areas determined by examination results.The CAMEL rating assigns component and composite ratings from 1 to 5, with 1 being the best.Risk ratings vary from high to low with low being the best.Key ratios follow:  Capital - Net Worth/Total Assets  Asset Quality - Delinquent Loans/Loans; Net Charge Offs/Avg Loans  Earnings - Return on Avg Assets.There are no key ratios for Management or Asset Liability Management.These are determined subjectively by the examiner.  Minimum standards for each of the key ratios vary by asset size.Generally, a credit union must have a 7 percent net worth ratio to receive a rating of a 1 in Capital.Delinquency must be less than 1.25 percent and net charge offs less than .25 percent in order to receive a rating of 1 in Asset Quality.Return on average assets must be greater than 1 percent in order to receive a rating of 1 in Earnings. | There is no minimum amount of capital required to charter a new credit union.  However, each application for a new charter is carefully evaluated for its economic advisability.  NCUA has not set a minimum field of membership size for chartering a federal credit union.  However, the size of the group is indicative of its potential success.  A charter application today with fewer than 3,000 primary potential members may not be economically advisable.  A charter applicant with fewer than 3,000 primary potential members may have to provide more support than an applicant with a larger field of membership.  This contrasts with much older credit unions that may have been chartered with as few as 300 primary members. | Retained earnings - all credit unions.    Subordinated debt - low income credit unions only. | Seven percent of net worth to total assets.  Net worth includes retained earnings and secondary capital for low income credit unions. | Credit unions are subject to a risk-based capital standard unique to credit unions in the U.S. | Not sure | No | New supervisors are required to take an introduction to management course internal to the NCUA within their first 90 days.  Annually, managers request funds to attend management type courses externally to the agency via the individual development planning process.  Managers generally take professional courses through companies like the American Management Association, the Center for Creative Leadership, the National Training Laboratory, just to name a few.      As of December 31, 2005, we have 514 examiners working for the NCUA.    Total Staff is approximately 850. | No | There are very specific disclosure requirements noted in the NCUA's Rules and Regulations, Part 708a.  These requirements apply to all federally insured credit unions.  Federally insured state chartered credit unions may also have additional state laws to follow.    The conversion must be approved initially by a majority vote of the credit union's board of directors.  Then, the membership must also approve the proposal to convert by the affirmative vote of a majority of those members who vote on such proposal.    The notice must be in writing and sent to all members eligible to vote.  The notice must include a disclosure that conversion could lead to members losing ownership if the mutual savings bank subsequently converts to a stock institution, a disclosure of any conversion related economic benefit a director or senior management official may receive with a subsequent conversion to a stock institution.    The actual required disclosure is written into the regulation and has very specific requirements of font size, capitalization, and bolding.    There are no restrictions on capital/equity distributions - only disclosure requirements. | There is no regulatory requirement to perform social audits.  However, many credit unions track financial performance including number of members, services offered, loans granted, deposits by branch location.  Credit union analyze this information to determine whether particular branch locations are serving the membership and to develop additional marketing strategies to increase participation. | Yes | Mandatory for federal credit unions and most states, however some states allow private insurance. | NCUA.  The National Credit Union Share Insurance Fund has the backing of the US Government. | No | 100% up to $100,000 per eligible account. | ex ante | Yes | The NCUSIF is a deposit-based insurance fund.  All insured credit unions maintain a 1% insured shares deposit in the fund.  In the event a premium is necessary to restore the fund to its proper operating level, any such premium is not risk-based, rather it is assessed uniformly based on a percentage of insured shares. | For federal credit unions - yes.  For federally insured state chartered credit unions, either the state regulator or the deposit insurer can initiate administrative action to resolve any problems that arise. | For federally insured state-chartered credit unions, NCUA can terminate insurance with depositors retaining protection for 1 year after termination. | 86 | NCUSIF has a perfect track record in meeting obligations to insured depositors for all institution failures.  In addition, our insurance fund has never required support from taxpayers. | With only a few exceptions (e.g. disputes regarding balances, fraudulent accounts, etc) members/depositors receive their insured funds in less than a month.  In fact, most times it is almost immediate access. | Yes | Increasing consolidation and concentration of industry impacting organizational structure and staffing.  Labor relations.  Difficulty in maintaining staff skills given dynamic and innovative market place.  Preserving relevance of credit union governance model. | Strategic risks such as competition and legislation.  Operational risk given increased complexity, outsourcing, as well as fraud.  Due diligence needs are much greater.  Credit and interest rate risk associated with mortgage lending and weaknesses in regional economic conditions.