Sunday, March 18, 2012

Tough Love ...

Dear NCUA,

I wrote to you back on March 2, 2011 and June 29, 2011 to express my concern in connection with a series of mishaps with which you had been involved.

As a loyal, long-term supporter of NCUA; I was concerned that these lapses in judgment and in practices were creating a growing credibility gap in Congress and among the general public over the reputation and reliability of all of us committed to the credit union cause.

Well, since that time .... well, what can I say? Embarrassing Inspector General reports, "free loan" and "gift" solicitations, a "gamblers' laundry" at one credit union, the "Croatian mafia" at another, a new "material weakness" in your financial statements, no "exit strategy" on conversions, "your guess is as good as mine" Corporate loss accounting, "excuse-onomic" modeling, a GAO "can't find the numbers" audit, and now your tremendous snafu in North Carolina....

Can you please give some reassurances?

Long-Time Supporter

Dear Long-Time Supporter,




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