An Interesting "Spin Cycle" at the Laundromatz...

NASCUS is the National Association of State Credit Union Supervisors. A distinguished association of all the credit union state regulators from around the Country.  NASCUS held its annual meeting and conference - The NASCUS Summit - in Denver last week.

One of the featured speakers at the Convention was Chairman Debbie Matz  from the NCUA.  Chairman Matz in her talk provided an update on the economy, federal legislative initiatives, pending regulation, and NCUA's perspective of the future challenges confronting the credit union movement.

After the presentation, as previously promised, Ms. Matz opened the floor for questions from the audience.  NASCUS had been alerted several weeks in advance that there would be questions from the folks from North Carolina about the unjustified action by NCUA to preempt the NC regulator and to penalize NC state-chartered CU's with unnecessary, duplicate federal exams.  NASCUS had appropriately advised NCUA to expect the questions and Ms. Matz had been "prepped" in anticipation of the dialogue.

Jack Braswell, CEO of Members' CU in Winston-Salem, N.C., is the NASCUS state representative for N.C. He asked Ms. Matz if she had received a recent letter from John Radebaugh, CEO of the NC Credit Union League, providing detailed information on the dispute and encouraging the state and federal regulators to meet to resolve the disagreement. Chairman Matz acknowledged that she and the other NCUA Board members had in fact received the letter and information.  

Mr. Braswell then inquired if Ms. Matz intended to provide a written reply to the N.C. League as requested. Ms. Matz indicated that she believed she had replied.  When Mr. Braswell questioned that response, Ms. Matz looked to her Chief of Staff Steve Bosack, who indicated that a written response had not been forwarded to the N.C. League.  Ms. Matz stated that in any event she had said all she intended to say about the matter and that no further response would be forthcoming.

At which point the following exchange with Ms. Matz ensued. The "discussion" was fortunately recorded by a representative of the N.C. Credit Union League. The tone was courteous and polite.  What follows is a complete, direct and verbatim transcription ....

 "THE ANSWER" ...

http://jbcu.files.wordpress.com/2012/09/nascusdenver91212blainematz.pdf

...stunned the audience and provides yet another "fantastic" example of the great need for a calm, open, reasonable discussion of reform at the NCUA ..... 

 Are you "listening"?