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.