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June 28, 2010
Arrowhead Central Credit Union
A very biased article, and full of, silly but popular, libertarian "tea party" political rhetoric as well.
Your statement that the 250,000 + "members" lost by this action, is self-serving and foolish; presuming that the "members" were not in the status of stockholders, but were only (protected) depositors and debtors.
Of course the closure of some branches is inconvenient for some members. And, yes, some employees [who will hopefully either be retained by the successor CU or will find other and better jobs] and the top managers [some of whom will, hopefully, not] "lost".
The interests of credit union members are NOT synonymous with those of the top managers and Board members, i.e your constituents; and demonstration of that fact is probably one reason for the failure of AFCU.
I would hope that the NCUA regulators would be able to show the members, employees, and public exactly what caused them to act swiftly.
I would not want to be in the Credit Union business with an agency displaying absolute power, with no recourse or any checks/balances to be held accountable for their actions. I think NCUA needs to speak up and fully disclose their reasoning behind their actions outside of generalities. The last thing we need is more unemployment, and financial institutional failures to stimulate recovery.
Chip, great article!
"The Fourth of July celebrates not only our freedom but also the many efforts and sacrifices made to achieve it. The price is eternal vigilance. So who is watching?"
For the people... by the people... per your point absolute power can be a very dangerous thing. I think a sound argument based on facts can be something we can all accept, but to just say because I said so, does not hold any water. It reminds me of the referees at the World Cup.
Chad Davis - FMSI
There is more to this action than what is being said! But the unfortunate thing is that we might never know what it is for sure unless NCUA reveals it. Things such as conflicts of interest or self servicing by executives/officials are seldom part of press releases since maintaining member/public confidence in the credit union is critical to working out a solution. I suspect the action by NCUA against this credit union is a lot deeper than the surface numbers/ratios would indicate.
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