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| A "Stalking Mule"? |
Mentioned in a earlier post that the NCUA Stress Test Rule (for credit unions with assets over $10 billion) approved in April was "a stalking horse" for the upcoming NCUA risk-based capital (RBC) rule. The stress test rule mandates a whole new cacophony of capital tests, "watch your A" forecast "stimulations", and a couple of "one just never knows", Nebraska tsunami-risk probability studies for larger credit unions.
If you would like to know what's in store for you, your credit union, and your members with the new RBC rule; just spend a few minutes watching the April 24th NCUA Board Meeting video (at www.ncua.gov), particularly the Board/staff discussion of their justification and "logic", underlying the various components of the stress testing rule.
But if you are short on time and just way too busy to do anything of importance in your life today, then read this direct quote from the video [it occurs at minute 37:00]…
"A second question asked [in the "Comment Letters"] if NCUA should publish the stress test results [as the banks are required to do]. After much deliberation, the final rule does not include a provision for disclosing the results…"
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| Late as usual... |
"Further, many banks have public equity within their capital bases, and the equity holders are a primary audience for the [stress test] result reporting, not the depositors. Accordingly with the credit union capital based on profits instead of external equity, we determined that disclosure would speak to an audience that does not exist."
If that bizarre, absurd, obtuse, insipid, grotesque, expletive, expletive, expletive statement does not anger you into action,
… then shame on you.
You actually are (as slandered!) an "audience that does not exist".
8 comments:
Do i have this straight? The staffers inventing these rules and the regulators voting for the rules, Do Not Understand that EVERY MEMBER IS AN EQUITY STAKE HOLDER AT A CREDIT UNION.
Am I understanding what he said?!?!
Surely not. Are we so doomed...
might as well turn in the charter today.
Yes you do understand what he said, and this statement alone should strike fear into the hearts of every employee and member at a natural person credit union.
It is unbelievable that this remark went unchallenged by any of the regulators. There will be no members, no equity stake holders if these remarks are not withdrawn and apologized for.
What he said is untrue , but perhaps he meant to predict the future.
How do we go about having NCUA Bd members recalled? That video is frightening!
Is there anyway to do that?
First, McKenna before congress, now Hunt(that's the staffer at NCUA JB quoted) before the world!
We can't afford anylonger to NOT fix stupid! When and where do we start?
You will never fix stupid as long as you have people who put getting a paycheck above doing what is right!
To be successful at NCUA, you are only required to agree with everything that Ms. Matz wants!
Hunt is nothing more than a sycophant. Great job being paid for never having to use your brain, but what a waste of a life!
Who is "Hunt"?
Mr. Scott A.Hunt is the Direector of the NCUA Office of National Examinations("ONES")
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