Monday, February 23, 2015

NCUA: Hot "Stuff"...???


NCUA:
Self-proclaimed
Masters of the Universe ?
"To many, NCUA often operates under a pre-Copernican view* where the credit union community revolves around the Agency.  In reality the strength of the credit union community is founded upon and exists because of the diligent and dedicated work of the people who comprise the community itself, within an organizational structure where NCUA should serve a far more modest, distant and less obtrusive role."  
- Mr. Mark McWatters, NCUA Board - 2/19/2015

* Copernicus (1473-1543) advised the "know-it-all-bureaucrati" of his time that they erred in believing that the sun revolved the earth. "They", much like today, were not amused!

Unfortunately for America's 100 million credit union members,  Mr. McWatters' observations about a self-centric Agency may have arrived too late.  

When evaluating the right of credit union member-owners to have access to the results of CU stress tests (which are required to be published by banks!); take a listen to the dismissive contempt with which 100 million Americans are held by  NCUA senior management...



"... accordingly with CU capital based on profits, instead of external equity..."

"... "we" determined that disclosure would speak to
 an audience that does not exist."

IS THERE ANY GREATER, MORE ARROGANT INSULT THAT NCUA CAN DELIVER TO 100 MILLION AMERICAN CREDIT UNION MEMBERS?

2 comments:

Anonymous said...

The best is yet to come.

Jim Blaine said...

That sounds pretty scary!!!