Jan. 13, 2015


  • You couldn't have hit the nail on the head any better. The arrogance of the NCUA staff and Board (excepting the newest member) is beyond the pale. In my letter regarding the RBC1 I noted that back in 2009 & 2010 the NCUA was making estimates corporate losses real on credit union balance sheets. We wrote the NCUA to complain - We distinctly remember the response – David Marquis the Executive Director at the time replied – “the losses are REAL”. After the recent large, multi-billon dollar revisions to those loss estimates I wish I could find Mr. Marquis and ask still feels the same way today? 50% error rate? The arrogance extends to the Chariwoman's belief she can predict interest rates. On January 6, 2014 Chairwoman Matz states that “rates have started to rise, so it’s not a matter of when anymore, it’s how much.” Apparently, Ms. Matz believes she can predict movements in interest rates. At the time of Ms. Matz’s bold prediction of rates rising the 10-year treasury was 2.98% and today stands at 1.75%. But do they learn? - apparently not.