Nov. 3, 2008


  • One thing we do not need more of is government intervention. The current bail out is an example of government policies gone wrong. NCUA has been on the right track to keep credit unions accountable but let them expand services. A 15% increase will only increase bureaucracy and have no positive effect on the number of people receiving financial service. Sure hope we do not have a return to the days of Norman E. D'Amours.
    Jim Holt
  • Mr. Filson raises some good questions. Although NCUA’s recent track record dealing with the financial system crisis has been pretty good, many pundits are already questioning whether 100 new examiners will help restore home values in Arizona, California, Florida, Michigan, Nevada, and Ohio, will erase investment losses, will stop job layoffs, will mitigate foreclosures, will forestall bankruptcies, or will revitalize local economies. What new problems are these 100 examiners expected to find that NCUA doesn’t already know about? From the point of view of some NCUA critics, it is comparable to prescribing chicken soup to cure a rampaging pneumonia. It may be comforting, but it’s not that effective in combating the core malady.
    Marvin Umholtz
  • We have yet to see how the new "risk based examinations" will be. I suspect we may be getting examiner opinions rather than law, regulation or sound business practice that can be clearly defined. In addition, the formula of adding examiners as the number of credit unions continue to decline doesn't make sense. The call reports can tell where resources are needed. I'm afraid the old rule, "work expands to fill the time allowed for it" will come into play.
    Gordon Dames