Inclement weather and regulatory action are shaking up the country from coast to coast.
A powerful summer thunderstorm hit Washington, DC, last night leaving in its wake widespread destruction of property and massive power outages. This storm follows not one, but two huge snowfalls this winter, a steaming June and July, and an earthquake. The DC populace is left shaking our heads and wondering what Mother Nature has against us. What’s going on?
Members of Arrowhead Credit Union can probably sympathize. NCUA swept in like an unwelcome storm and took over the credit union, which by all objective measures was on the road to recovery. This week, our analysts look at the latest numbers for Arrowhead released by NCUA. Even the regulator’s own facts support Arrowhead’s improving performance. So why the government intervention? As Chip Filson writes, “The NCUA has imposed its own version of events, which are out of touch with both economic factors and objective financial analysis.”
After reading about Arrowhead, Lydia Cole’s proposition that mutual savings banks might want to convert to a credit union charter might feel like it’s out of nowhere. But our Monday readership likes the concept, giving this article a 5-star rating.
One last note: a good-bye, but only partially, to our summer intern Patrick Sebastian. Pat has received quite a following for his writing on Gen Y and social media for our Off the CUff blog. We’re pleased to announce he will continue providing his Off the CUff insight throughout the year from his perch in a USC residence hall.
