July 23, 2013


  • The insurer, NCUA/NCUSIF, must be a good steward of conserved assets. NCUA is setting a bad example for credit unions by their stewardship of the conserved corporates. The steward of these assets is not diligent in either reporting nor in management of the conservation estate. NCUA cost the member/owner credit unions a lot of money by failing to file timely claims against the investment banks that packaged and sold these toxic assets. Other regulators who filed claims made recoveries. NCUA decided to instead file claims and lawsuits against he victims of the Wall Street Banks--the directors of Wescorp, management of Wescorp, the staff of US Central and the directors of US Central. NCUA then settled their claims without a trial which would have exposed the causes of the corporate failures and assigned blame to those responsible. NCUA has consistently failed as conservator to act in the best interests of member/owners. The conservation process has wasted the conservation estate, has failed to keep member/owners informed and has failed to produce a transparent and independent investigation into the causes that led to the failures.
    Henry Wirz