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What Are Credit Unions Saying About RBC2?
RBC2: What Capital Problem?
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RBC2: This Proposal Is No Solution
RBC2: Only One Mind To Change
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In Credit Union Litigation, Time is Money
Underwriting And The Qualified Mortgage Rule
NCUA’s Proposal Would Prohibit Home-Based Credit Unions (part 1)
Risk-Based Capital And The Human Factor
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Proposed Home-Based Rule Affects All Credit Unions
FDIC Approves A Simple Leverage Ratio To Improve Capital Adequacy Standards
The Virtues Of Timely Reporting For The Cooperative System
Feb. 8, 2010
Simply stated, in my view the NCUA Board has been "merely spokespersons for the staff" (in fact, a core cadre of long-term senior staffers) pretty much 100% of the time during my 30+ years in the Credit Union movement.
We are far less likely to be surprised or confused by NCUA statements and actions if we start from that assumption, particularly once we become even somewhat familiar with the beliefs those core senior staffers hold about what the Credit Union movement "should be" and how it "should act."
Continually fascinating is the fact that these bureaucrats never make any effort to hide their opinions on these central questions, and that they see no conflict in holding such opinions - let alone in continuously working to enforce their views on the co-operative and diverse collection of credit unions over which they hold regulatory AND deposit insurance authority.
But then, why would they? As far as they are concerned the NCUA board fully meets with the theme sung loudly last night by tens of thousands of the kinds of Americans that ultimately foot the immense bills born of these staffer's hubris...
"Meet the new boss - same as the old boss!"
Long Time Credit Unionist
I think the most alarming thing is the lack of regard for the law the Board and Staff have demonstrated by not publishing their annual report. How bad must this report be to hide it from the public. Can't credit unions demand this report? After all, this is our money that supports the NCUSIF. Then again, if the true financial status of the fund is made public, we would have no alternative but to relinquish all our capital to fund the NCUA's mistakes and the industry could disappear.
The senior NCUA staff and most assuredly their Regional Directors are delibertly misinterpreting our long standing NCUA regulations. Whenever an intrepretation or clarification of a Regulation is requested, invaribly the NCUA or Regional Director offers a reactionary position that negatively affects CU options.
NCUA does not want CUs to modernize, grow, and compete. They want CUs to regress to a local, site specific, limited member based, financial institutions. This is not what our members have said they want and need. Do much for NCUA leadership and support!
I disagree that this board seems at odds with the Obamaadministration, just the opposite. They use the same style and philosphy; heavy handed my way or the highway actions.
It is a sad day indeed when the actions of a few are so important and yet they are not held accountable. When will the people stand up and demand accountability?
As a former NCUA employee who is familiar with some of the players I can tell you they are winging it. The brain power is not there and they only reaction to problems rather than trying to get ahead of them. It has been that way for a good while and unless the NCUA Board starts listening to others we are doomed. Where is the “plan” to get us out of this corporate mess? The reality is there is no plan other than the legacy asset will come back in value and the losses will not materialize. Right!!! We deserve better
Could someone please force NCUA to release their annual report for 2008 at the GAC? I think someone should ask the question and then continue asking until an apprpriate response is heard. If not we should all ban NCUA from our CU's by not recognizing their authority. Are they above the law?
Like all of us, NCUA has not and was not prepared for the economic situation we find ourselves in. They sit on the bus, looking backward at what has been, building spreadsheets, and in many cases, dispensing incorrect/incomplete advice. It is sad. NCUA offered no help to our credit union, and delayed decisions that actually caused harm.
I believe the NCUA strives to keep the NCUSIF at a high level to support the overhead transfer rate of income from the insurance fund to support their growing staff and expenses. Additionally, It is incomprehensible why the NCUA forces credit unions to shrink assets in order to raise their Capital Ratio. PCA solutions should include allowing credit unions the ability to safely and soundly grow as an alternative to shrinking. If a CU isn't growing it is slowly dying. The number of credit unions continue to decline. Are NCUA policies facilitating this trend?
I think comments #7 and #10 missed the point. This is about NCUA's actions, lack of transparency, disregard for what is in the best interests of individual credit unions and the system as a whole--regardless of your political philosophy. Stay focused people.
I agree with comment #7. It is in the best interest of credit unions that the movement-industry stay as far away from the Obama Administration as it can. They don't have a clue about running the government, and no one should want them to become deeply involved in the credit union world, because even so-called Conservatives don't understand credit unions and few have been good friends.
What Are Credit Unions Saying About RBC2...
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Risk-Based Capital And The Human Factor
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