Friday, January 20, 2012

Transparent Camels...Validating The NCUA.

Can you see through this?
To help assure the "basis" for and reasonableness of NCUA CAMEL ratings, wouldn't it be helpful (and transparent) for NCUA to publish the CAMEL ratings of the following credit unions for the period 1999 - 2009:
  • US Central Federal CU
  • Wescorp Federal CU
  • Southwest Federal CU
  • Members United Federal CU
  • Constitution Federal CU
... after all these federally-chartered CUs (with absolutely no state regulatory "recklessness" involved!) no longer exist; and, disclosing the ratings history on these credit unions will help all of us validate the effectiveness of NCUA in its ratings analyses.

Publish these CAMELS and let's all take an unbiased and unfiltered look at how well our secret system works.  After all, it can't add much damage to the already acknowledged $15 billion+ financial cost to the NCUSIF; and, it just might help revive and reburnish our reputation in important places like Congress, State Legislatures, and the hearts of many, many credit union members, volunteers, and staff.

A little sunlight and fresh air might also help us determine what is needed, going forward, to assure there is no reoccurrence....
Or are credit unions considered "third parties" and therefore these ratings must be kept secret?  (H-m-m, if so that means all those multiple billion dollar assessment checks you're sending to Alexandria must guessed it..."third party checks"!!!) 

When rating these federally-chartered credit unions did NCUA purposefully choose not to disclose to us the looming catastrophic financial situation?  Or did NCUA simply....

.... not have a clue?

Who benefits from continued secrecy at this point?  
                                                Only one suspect comes to mind....

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