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December 21, 2011


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Anonymous

7/26/2012 04:10 PM

Where is the accountability and transparency, while we have negative income and struggling?

Brian Fogg, Credit Union of Vermont

7/26/2012 04:10 PM

Mr. Filson, thank you for your valuable insights. I would add another party to your list of those that is responsible for action. Ou state and national trade associations. Where is their voice in pressing NCUA to respond to the legitimate questions you raise?

Anonymous

7/26/2012 04:10 PM

We need accountability!!

Where is the money going?

Anonymous

7/26/2012 04:10 PM

Where is the transparency?

Michael Sacher, CPA

7/26/2012 04:10 PM

Chip-you continue to raise thoughtful questions that deserve a response. These issues, combined with questionable expertise at the examination level, raise serious questions about NCUA leadership. If these issues were identified by NCUA at one of their supervised CU's, the outcome would be much different. Big voids exist in Governance and Accountibility.

Anonymous

7/26/2012 04:10 PM

NCUA lacks transparency because it is hiding something. People don’t conceal good news. Therefore, NCUA is hiding bad news. The investment losses are likely greater than estimated – not less as suggested in the article. Otherwise, NCUA would be boasting about its magical turnaround powers. Credit unions should brace themselves for bigger assessments than credit union apologists are estimating. The old $50 billion is likely closer in value to $30 billion or less. Furthermore, the retail credit union exposure is also understated. The industry is reliving the S&L crises – only worse. Bankrupt retail credit unions are chasing yield just like the Corporate CUs did. When rates start to increase, in an 11th hour deal with Congress, NCUSIF will be conserved by FDIC. It will not be able to survive the Dollar administration’s unleashing of Corporate CU competition and NCUA cheerleading for business lending and loan particpations. Get ready. Do not kid yourselves with the industry’s and NCUA’s self-serving sugar coating.

Anonymous

7/26/2012 04:10 PM

Thank you for opening this discussion. We all need to turn up the heat and get some answers. NCUA has judgements against Deutsche Bank, Citi and at least one other----where is that money? NCUA claims their increased budget is due to adding more staff, so why can't they have their own audit completed after 2 years?

Mark Herter

7/26/2012 04:10 PM

Thanks, Chip. Let's start turning the heat up on the NCUA to be transparent and revelatory as they demand we all be. We all know they've been turning it up on us, and continue to do so, since the economy nose-dived. We can only hope our Boards of Directors hear the clarion calls as well, and that the NCUA wises up to their business, if not ethical, obligations to our industry.

Stu Weiner

7/26/2012 04:10 PM

Chip, your comments are right on point. If any credit union was managed the way this has been the NCUA would have forced a change in both the management and board of directors, or would have closed the credit union.

Keep up the good fight.

Doug Wolf

7/26/2012 04:10 PM

Thanks Chip for saying out loud what so many of our movement's leaders are unwilling say. Where is Chairwoman Matz and her commitment to transparrency now? Has the NCUA, and in particular the NCUA Board, finally realized that they are not good at actually running a creidt union that they so easily are critical of? I would also like a better accounting of how the NCUA believes they have saved millions of dollars for creidt unions by making such large increasses in thier exam force? They had pleanty of corporate examiners in the past and they were unable to adequately regulate/supervise them. Again Chip, thanks for speaking out as you always do ... let's hope that 2012 and beyond will bring about a better regulator in NCUA than in it has been in the past 8 years.

Cindy Garvin

7/26/2012 04:10 PM

Same old government as usual!

Todd Sheffield

7/26/2012 04:10 PM

Unfortunately, you, Chip, seem to be the only one raising these issues. The duplicity is astounding in what the regulators expect from us but can't complete for their own organization. I am wondering what my league dues are doing since I haven't heard anything from them to defend credit unions from this unchecked agency.

Dan Clark

7/26/2012 04:10 PM

We are fortunate to have a former NCUA insider independent enough to address conditions that should not exist in such an important agency. NCUA is important to America's middle class and the institutions that serve it best. Thanks for not only being there, but for a desire to make things right.

Russ Dalke, Red Rocks Credit Union

7/26/2012 04:10 PM

I know Credit Union CFO’s throughout the country have certainly noticed and complained about the lack of transparency for at least the last two years. Perhaps the complaining has only been amongst us CFO’s and CEO’s. As a collective voice, I would like to see CUNA continue to keep the pressure on NCUA for full and open disclosure. I realize they have lots of irons in the fire, but certainly the protection of Credit Union assets (Corporate or NPCU’s) should always remain at the top of the list. Thanks for keeping this issue on the table.

Dan Babcock

7/26/2012 04:10 PM

WOW, would any other agency get away with something like this. Makes one certainly wonder, exactly who does NCUA report to. It appears, NOBODY is the answer!

David Watson

7/26/2012 04:10 PM

This article again shows that government entities, federal, state or local have agenda unto themselves. It requires vigilance from all interested parties to keep the system on the high road.

Eric Marshall

7/26/2012 04:10 PM

Excellent article that exposes the NCUA and its governments blatant lack of transparency. I bet that it goes higher up to the WH administration since it ties in to the mega stimulus packages that also have little accountability and transparency.

Chip thank you for sticking your neck out to wake the Credit unions everywhere including the trade associations in particular who have been silent as well.

Anonymous

7/26/2012 04:10 PM

Do not wait for CUNA or NAFCU to go down this road or “keep up the pressure” for transparency. Their interests are aligned with NCUA. Any effort would be cosmetic. Your hopes and money are wasted on waiting for CUNA, NAFCU, or any trade to act.

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