| FOR IMMEDIATE RELEASE: October 7, 1997
The Michigan Financial Institutions Bureau today announced that
its year-long survey of Michigan state-chartered credit unions has
been completed. The survey, conducted by John R. Brick, CFA, began
in July of 1996. Credit unions were surveyed following the annual
examination by the FIB and the surveys returned to Dr. Brick for
compilation and analysis of responses. The survey effort was aimed
at detecting and changing aspects of the FIB examination process
that may have been burdensome or inefficient.
The survey presented a series of 33 questions to which each credit
union, examined by FIB during the past year, was asked to respond.
The questions focused on the effectiveness of Credit Union Division
examination staff, the exam process, and the examination product.
According to Roger Little, the director of FIB's Credit Union
Division, the final survey results have been reviewed and analyzed.
Dr. Brick's report stated "once again, the results indicate there
are no major issues or problems."
The final survey results showed an improvement in the division's
communication, particularly in more timely pre-examination conferences
and more meaningful post-exam conferences. Dr. Brick also noted
that the credit union managers indicated "a great deal of respect"
for the level of training and knowledge of the FIB's credit union
examination staff.
Commissioner Patrick M. McQueen calls the survey results "the
best source of information on how the FIB can seek to minimize the
regulatory burden on credit unions, and at the same time improve
our examination methods for safety and soundness purposes." The
Commissioner indicated that additional efforts will be made by the
FIB to obtain feedback from the institutions regulated by the bureau,
as part of the bureau's plan to continually monitor performance
and levels of customer satisfaction.
The Financial Institutions Bureau is the primary regulator of
Michigan's state-chartered banks, credit unions, savings banks,
and over 4000 other licensed lenders.
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