Congressman Bill McCollum (R-Fla.) introduced a bill that would require licensed accountants to perform external audits on
federally insured credit unions. In a statement to the press, he said audits lose their effectiveness "when not performed according to professional standards by person who have demonstrated their competencies and independence in auditing."
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Federally insured credit unions with assets greater than $10 million are required to file reports on their financial results with the National Credit Union Administration (NCUA) on a GAAP basis.
The National Association of
Federally Insured Credit Unions (NAFCU) has announced it has joined Enterprise Ethereum Alliance (EEA), an industry-supported, not-for-profit established to build, promote and broadly back Ethereum-based technology best practices, open standards and open-source reference architectures, the company said.
The NCUA regulates
federally insured credit unions.
Shares in
federally insured credit unions have also risen steadily since 1995.
NAFCU Services Corporation is a wholly-owned subsidiary of the National Association of
Federally Insured Credit Unions (NAFCU).
ICBA said that the proposed rule to expand lending authority while relaxing regulatory oversight would jeopardize the safety and soundness of
federally insured credit unions and place undue risk on US taxpayers.