Based on a recent survey conducted by the Credit Union National Association (CUNA), on the whole, respondents are more satisfied than dissatisfied with the exam process. Fully 60% of respondents are either satisfied or very satisfied with their exams compared to 25% of respondents who are dissatisfied or very dissatisfied.
"We're pleased with the number of responses received from credit unions in Missouri," says Don Cohenour, Missouri Credit Union Association (MCUA) president/CEO. "We heard from 47 credit unions in the state, making Missouri's collective credit union voice loud and clear."
As generally promising as these results are, a 25% dissatisfaction level is fairly high. In contrast, on CUNA’s most recent nation-wide survey of credit union members’ satisfaction with their credit union, 71% were very satisfied, 27% were somewhat satisfied, 2% were somewhat satisfied and less than 1% were very dissatisfied. In other words, 98% were satisfied and only 2% were dissatisfied. (A neutral response was not available on the member survey as it was on the exam survey.) Of course, it is not fair to directly compare satisfaction ratings of a regulatory authority with that of cooperative, member-driven financial institutions. There is a natural tension in an examiner/credit union relationship that simply does not exist in a credit union/member relationship. Nevertheless, although the 60% satisfaction reading is encouraging, the 25% dissatisfaction rating suggests there is room for improvement in the process.
To read the full report, click here.