Regional Director Herb Yolles Explains...

Regional Director Herb Yolles, in a January 12, 2012 letter to North Carolina state-chartered credit unions, stated that a separate insurance review would be conducted by NCUA on each CU. Here's how Mr. Yolles explained his action:


"Late last year, the North Carolina Credit Union Division (NCCUD) authorized a state-chartered credit union to publicly release its state-issued** CAMEL code, which the credit union subsequently released in several public venues."


"I am writing to you to explain why NCUA will be conducting independent insurance reviews in all  North Carolina federally insured state-chartered credit unions.  Let me state emphatically at the outset that the need for NCUA to conduct independent insurance reviews in North Carolina is not driven by anything you did or failed to do, nor any overall concern with the safety and soundness of North Carolina credit unions."


Mr. Yolles, on behalf of the over two and one-half million North Carolina members of state-chartered credit unions who didn't do or fail to do anything, we would like to say....

.... Thanks so very much!!

**The CAMEL code released, as Mr. Yolles notes, was a state evaluation formulated independently of and without any involvement of the NCUA.  It was released after consultation with the staff of the NC State Attorney General - the official legal counsel of the State of North Carolina.