Oct. 26, 2009


  • Chip Filson is right on the mark. As a long time CU industry affiliate, I am saddened by NCUA's actions regarding the Corporates and the NCUSIF. Thank you, Chip, for speaking up. What next CU leadership?
    Emilie Kroen
  • Dear Mr. Filson: Please keep up the honest, frank, valuable and vital vigilance on behalf of all of we credit unions and our members across this country. My goodness, what happened to the government regulator's promise of the "safety and soundness" above all else.
    Nick Meyer
  • Relative to transparency, at the first of Ms. Matz's Town Hall meetings there was much discussion about the ability of corporates to recover to 1% of earned capital (from 0% after CCU and Westcorp hits were taken) within five years. We were assured that the NCUA had modeled this and felt it could be reasonably attained. Since there was murmured skepticism around the tables, I asked if those models could be shared. I was assured that they could be/would be. To my knowledge, those models have not been provided to the corporates so they can verify the underlying assumptions and the formulas used. In anticipation of the upcoming proposed rules for the corporates to rebuild capital, I suggest again that credit unions request (demand?) that the NCUA substantiate their presumption that the corporates will be able to restore 1% capital in 5 years without compromising spreads to the point that their state Members won't invest or borrow with them.
    Rob Givens