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Interesting but not acurate
I am appalled at the NAFCU/NCUA attempt to railroad state chartered credit unions into federal insurance. I agree with you that we would eventually end up under the FDIC if that came about. Fortunately I live in a state where our regulators have enough common sense to see that a private-insurance alternative is good business. Doesn't this somehow cut at the heart of States' rights by forcing state regulators to accept federal insurance?
Bravo! I've let NAFCU know that I didn't support their position on only Federal Deposit Insurance. Gerd Henjes, Pres./CEO Countryside FCU
A simplistic and biased view of a complex issue.
Good comments from you guys about this issue.
This article gives a lot of food for thought. Great job.
Excellent !!! Atta Boy Chip ! A very well thought out and reasoned article with tremendous power and insight. You have exposed in a most professional manner the strategic implications of the NAFCU/NCUA positioning. Mike Mastro President/CEO Los Angeles Firemens Credit Union
Good thoughts on this issue. Frank Selker, AssetExchange.
Always like to hear alternate views of NCUSIF -
It bothers me that this issue is taking center stage in our industry. I have NCUSIF and have ASI for "surplus" deposits. I believe in choice but feel no need to move to private insurance in the near future.
Since I am chartered in Missouri, I have no access to ASI (but do use ESI and would convert to private insurance, given that option). In any event, I would be reluctant to join NAFCU given their divisive and short-sighted position on this issue. Rob Givens, Pres/CEO Mazuma CU ($270 million)
PREACH ON CHIP! You have said (much more skillfully) what I have been saying for months. All we are asking for is the ability to have a choice. Why does a trade association (and a regulator) want to eliminate choice, other than they are scared that they will lose members/business? D Vogler EVP, Anheuser Busch Employees Credit Union, St Louis, Mo
Fascinating analysis of what may be at work in this national debate. Excellent work. Thank you. Karen Johnson President/CEO Point West CU email@example.com
Good article Chip. I agree with all of your points except the issue of NCUSIF disclosing their uninsured shares. ASI, FDIC and all insurers have uninsured shares. Everyone knows that deposit insurence does not cover 100% of deposits. Those of us with NCUSIF are required to have disclosures on new account documents and at every teller station. Limits on deposit insurance is a well know fact and a weak argument aganist NCUA and NAFCU. I believe in choice but stick to your other points, especially the merger with FDIC. It is a real possibility if this debate continues.
This article has some very good points. Any thoughts on member's other assets that are privately insured (your home, car, health, life, etc.) For most individuals, these assets are worth far more than their deposits at a credit union.
Great article, Chip.
Great artilce Chip.
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