Wednesday, May 21, 2014

Something Sphinx!

Am I the only one beginning to feel like an Egyptian?

OldeTowne Alexandria...
Lots of fear, loathing, and unrest out there on CU Main Street .... GAO scrutiny, catastrophic corporates, heavy assessments & million dollar fine threats, home-based CUs "are history", stress tests & RBC, and CU boards & staff as the new "criminal class", …. 

All fueled and fanned to an intense heat by an Agency, which continues to show a remarkable knack for running - full throttle - into brick walls.  Those  "Have you heard the latest one about NCUA ?" jokes are becoming a bit too easy, a bit too edgy, a bit too accurate.  

When did NCUA become a terrorist organization?
 And, why?

Can it really be true that the only people qualified to run a credit union, now all work for NCUA?  Or think they do?  Were most field examiners really rejected for prior employment at TSA for being "too hands on"?  Are we actually well past the "sell by" date with Agency senior management?  How can Duke Street continue to assume command, while continuing to deny responsibility?

Has an Agency which has never been famous for listening - nor hearing; willfully turned a stone-cold, deaf ear and a blind eye to the world beyond its own -  always self-flattering - vanity mirror?  Can NCUA - Mubarack like - no longer "be bothered" by the needs of the people?

It's very, very dangerous to be right these days when NCUA is wrong.  It is increasingly difficult to choose a consistent course when the Agency does not practice in the field what the Pharoahs preach in webinars  on high.  You can't much trust what the Agency says anymore until it's officially been denied.   It is difficult to get in step and to fall in line when we receive simultaneous commands to both advance and retreat.  The noblesse oblige is insufferable, as in the very latest…. 

"...would speak to an audience that doesn't exist."
 (NCUA, April 24, 2014) !!

Am I the only one beginning to feel like an Egyptian?  

Something Sphinx in Alexandria

(* You might like to know that this alarm was first published on 2/17/2011 and "progress" since that time "in Egypt" has meant starting to shoot those who have peacefully sought reform.... and also innocent bystanders.)



Anonymous said...

I hope you are not preaching to an empty room but down here in GA we have only 5 CUs that have submitted comment letters on RBC. Now, there may be 20-30 others that have not yet been posted by Mr. Nine-fingers Gerry but....My team is doing it's part and we'll strong arm a few more between now and the 28th. Unfortunantely, it appears that those who have plenty of net worth are siting this one out (they also have crystal balls and know they'll never outpace their capital). Sign of great leadership isn't it? The sad part is that almost none of the 'leaders' from CUs challenged with low net worth have bothered to weigh in either.
Thanks for all your pushing.
GA Birddog

Dennis Moriarity said...

I might suggest that the real problem is not Matz or Metzger rather it is a staff who continues to do whatever it feels it can get away with. I mean so much stuff has been written about the RBC proposal that Matz can't deny its a piece of rubbish. So who's to blame? Well in the history of the rogue agency its always been the staff. Never mind the appointed “Board” they continue to look with a blind eye at the activities of their so called “underlings”. The real truth is the staff is running the show and the Board is running scared.

So what would a real Chairperson do??? How about reading the crappola first and trying to assess differencees in how other institutions are treated to determine if it would harm the governed that they impact by their inattention. How about admitting that it is lousy rulemaking and stopping the train while well intentioned (from both sides) efforts are made to come up with a “good” proposal. Further bring the people in who wrote the drivel and ask them to give you their reasoning and if it is as flawed as the rule allow them to retire with dignity if they won't, fire their a--'s. Oh I know this is tough stuff but it is what real Chairperson's do.

We are at a critical point in the live's of the remaining credit unions! We can't afford bad rulemaking that applies undue pressure to a beleaguered and diminishing credit union population. Do we continue to try and “save our agency” or recognize thats its time to realize they are not worth saving particularily if they continue to point a deaf ear to our legitimate complaints. If we conclude (by their inaction) that its time to move on then lets petition for inclusion into FDIC and hurry the demise of NCUA as a (noble?) but failed experiment for credit unions. Enough is enough.