April 13, 2016


  • Chip, I found your commentary on what I now call the "Philadelphia Six" extremely disturbing at a minimum! I took your advice and sent an email to Mark McWatters. Unfortunately, should Congress decide to continue to existence of the Export Import Bank, McWatters might be an NCUA Board Member that would be greatly missed.
    Rick Webb
  • "I am very disturbed about the news of six credit unions being shuttered by NCUA. Especially after I read some of their most recent stats. The part that really upsets me the most is the lack due process. I don’t believe these credit unions were given a chance. I find it ironic that soon to be former Chairman Matz made such a big deal out of chartering some new credit union and yet in one fell swoop six credit unions are forced to close. No mergers. No take overs. Just closed. Something is wrong."
    Dave Wright
  • We are all lambasted with so many stories or comments that scream injustice, oppression, or misuse of power these days it can be hard to do much more than scan the headlines and move on to the next bit of news. And to be honest most of today’s news is a lot more engaging than anything to do with the credit union system. That said, I am ASKING you to read and ponder what these types of stories (CUs washed away without due process, without careful consideration, and without anyone connecting the dots to their own careers) mean to your organizations down the road. We all can tire of people fighting the fight for the little credit unions, we all can challenge the relevance of other people’s efforts, and we all can simply accept that today’s organizations cannot possibly hang on to yesterday’s hopes for small business financial service opportunities as viable and meaningful. It’s just the times, not really injustice. It’s just the reality of... Stop! It is just our indifference to what principles guide us today...those principles are the ones cast on us by banking regulators in the uniforms of supposed credit union experts. And when it is your turn in the seat it will not feel like something that should not be the headline of the day, it will not feel like an event that should cause everyone pause, because it will be you! And you may find yourself turning to an indifferent set of peers reluctant to even investigate the details. When will we demand more from a regulatory system that carries our banner in its logo – national CREDIT UNION agency? Tell Me Why I am Wrong!
    Randy Karnes
  • I’m not sure if you are wrong but based on the limited information that is available thus far, I’m not sure that you are right either. My experience in dealing with NCUA is that they generally give credit unions every last chance to continue operations and only force mergers in cases where the credit unions net worth gets near or below 7%. As for liquidations, one would assume that the bar must be much higher for NCUA to take this action. I read that the FBI is involved and removed records and computers from the CEOs home. Also, NCUA publicly stated that the CUs were insolvent and had no prospect for restoring viable operations. In order for NCUA to make this comment, there must be other significant facts that have not yet been made public. Based on everything that I’ve read on the case, I’m wondering if the NCUA has withheld comment while a criminal matter is being investigated.
    Michael Shafer
  • I wish I could tell you that your wrong but I can’t. I wish I did more but like you mentioned we are all inundated with tons of e-mails and news, time is a precious commodity that I know I don’t have a lot of but that should not stop us from letting our regulators know how we feel. So in the cooperative spirit I need change and I started today by sending an email to Mr. McWatters and letting him know how I feel about the actions taken by the NCUA on the six credit unions in Philadelphia. He said he wants to hear from us, well now he has heard from me. Thank you for continuing to challenge us in every aspect of our business, I know it has helped me do more right things for our members.
    Jerry Wise