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| Dizzy-land !!?? |
After all, being NCUA vice-chair can't be any more significant than being Vice-President of the United States, can it? And, John Nance Garner, who was VP under Roosevelt in the 1930's, famously described being Vice-President as "about as exciting as a warm bucket of spit". Actually he used a more descriptive term, but you get the drift....
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| OOPS! It's diaper-time again... |
to "this important unfolding national melodrama". The short version is that the appointment of the NCUA Vice-Chair must, by federal regulation, be carried out only by NCUA Board action. The current NCUA Chair simply chose to announce the appointment of Mr. Metsger without a vote. No harm, no foul; just another "crash and burn" in the Agency's recurring portfolio of unforced errors.
But then the "spin cycle" kicked in at the...
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| The Duke Street Laundromatz (Still lookin' pretty gillty, Buddy!) |
The current Chair - never wishing to err - called upon her General Counsel to concoct a defense, which he did - and did so very poorly. His astute counsel, his well-reasoned "opinion": "The Chair did nothing wrong, despite the law." End of story!
It is, of course, "an amusing coincidence" that the current Chair has suddenly decided that she will take the Vice-Chair appointment process before the September NCUA Board meeting for "revalidation"!
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| The Vice-Bucket of Spit? |
"REVALIDATION"???
Y'KNOW, SOUNDS SORT OF LIKE A
Y'KNOW, SOUNDS SORT OF LIKE A
"SECOND COMMENT PERIOD" ???
4 comments:
Jim, the NCUA doesn't know how to read, understand or interpret the Federal Credit Union Act. They either change or fabricate facts to make it apply, or pluck certain words or phrases out of statutes that do not apply and use them to their advantage or blatantly ignore the clear language. If I were the General Counsel I would remind myself that my license to practice law was always at stake and that the professional and ethical requirements apply no matter who signs my checks. The Board also has fiduciary responsibilities that must be upheld. In my humble opinion, this board and general counsel deserve a no confidence vote.
Would note that the NCUA is offering a Disaster Management Webinar on Aug. 20th - can't think of anyone more qualified to advise on that topic.
Lot's of real-life stories - corporates, St. Paul's Croatian, RBC, ombudsing, Congressional relations, vice-buckets....
yes they deserve a no confidence vote. and they should all be banned from CU forever, along with the staff. Put CUs under the FDIC! at least they can read.
The new Dynamic Duo! Batwoman and Robin?
No, Matz and Matzger !
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