Ref: Secret Transparency(..but don't tell anybody!)
"Thus NCUA recognizes the need to more effectively communicate and document weaknesses and concerns related to insurance risk..."
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| Can you see through this? |
Now you're talking! Think most CUs very much want better communication and documentation on the gross weaknesses and universal concerns related to the "insurance risk" exposures and losses we all now confront .... but let's be very clear (perhaps even transparent) that the source of the "insurance risk" is NCUA. "Someone" is suffering from a severe case of "noblesse oblige" if "they" think that "they " are the answer, rather than admitting that "they" are a major part of the problem. Your deposit insurance investment has a "pretty risky" ROA of late..."pretty nasty" actually!
But let's not just fuss, how about some greater transparency and documentation recommendations. Would suggest that the names of the lead NCUA executive, examiner-in-charge, and capital market specialists on each exam involving a failed CU be released and follow-up information provided on "the track record" of these responsible persons; and, particularly information on whether or not remedial training has been applied and whether or not they are still conducting exams (and releasing CAMELS!). Can't imagine that anyone wouldn't want to be held accountable for their work...
Great place to start would be the NCUA executives and experts associated with all the conserved Corporates, Croatian, Beehive, and Vensure. Again, certainly we all want greater transparency and there shouldn't be any privacy or confidentiality concerns with defunct CUs.
This lines up well with the recent federal registration and tracking requirements implemented for mortgage lenders... and yes these NCUA folks most certainly need to be fingerprinted! What's good for the goose is good for the....CAMEL!
Guess we can talk about the next step, "Board level" accountability (and training!) later. Pretty clear where the buck stops in natural person credit unions these days and a lot of bucks are riding on our "insurance risk" as you'll find out after the August 29th NCUA Board meeting...
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