Mr. McWatters Tries To Explain To The Chair That She Is Confusing Cause And Effect....

Not too difficult to understand why NCUA CFO Mary Ann Woodson, a 35 year veteran, is hanging it up and calling it quits after listening to the little "dialogue " last week between Chair Matz and Director McWatters at the NCUA Board Meeting. 

At the meeting, during CFO Woodson's financial report, McWatters correctly pointed out that most NCUSIF losses were coming from small credit unions.  A true statement to which Chair Matz "took exception".  A veteran like Ms. Woodson understands that it is only a matter of time before another, similar "dialogue" will reoccur; and that the Chair will eventually turn to her and ask for her opinion as CFO on the disagreement.

 

Ms. Woodson is a highly regarded leader, ethical and principled - prone to tell the truth!  And, it is well known within the Agency, that "speaking truth to power" under the current regime has a tendency to be fatal.  Yes, Ms. Woodson a very good time to retire....Bon Voyage!!

HERE'S ANOTHER "REPRINT" TO VALIDATE THAT MR. MCWATTERS "GOT IT RIGHT" ... AND THAT THE CHAIR STILL ISN'T LETTING THE FACTS GET IN HER WAY:

Those Large Risky CUs !!!

"With more than $1 trillion in industry assets, deposits at federally-insured credit unions are protected by a fund of just over $11 billion.  However, four credit unions each has assets of $10 billion or more.  So, each of those four has assets nearly the size of, or greater than, those of the Share Insurance Fund."

 - NCUA Chair Debbie Matz, 9/18/2013

Oh Really....

            Actual $ Losses:     < $50m = $217 million

                                    >$50m < $200m = $187 million

                                  >$200m < $500m = $513 million 

                                                 > $500m =  $ 36 million

(for years 1998 - 2012)

... approximately $ 1 billion in failed credit union losses over the last decade with just $36 million from credit unions with assets > $ 500 million.

Credit unions need competent, effective regulation.

** The chart by the way is compliments of the NCUA!!!!