Friday, March 20, 2015

"... For A Problem That Does Not Exist."

Safe-guarding your interests!
As the April 27th comment "drop-deadline" approaches for RBC 2, this grog of regulatory absurdity appears to be on life-support, with no one willing to accept the duty of pulling the plug - at least no one at "the leading trade association" CUNA and among its vassals at the Leagues.  Ineffectual "C-eunuchs"?  Yet once again it would, unfortunately, appear to be so...

A sliver of hope remains that forceful leadership may still arise on the NAFCU side of the house - opposition that is potent, decisive, real.  But time grows short.  

(You have done your due diligence and read the 450 page draft of the rule - right? Yeah, right!).

Think White House security, Benghazi,
the VA..
Some folks - including 
C-eunuchians and their vassals - still seem to have difficulty understanding that our government (and its "independent agencies") was created to serve the people and not the other way around.  And, that government (and its "independent agencies") is composed of frequently fallible human beings, who, from time to time, have serious lapses in performance, wisdom, and sanity.  These lapses do occur and are understandable in large, complex (distant and unaccountable) organizations - whether they be TBTF banks or too remote to listen "independent agencies". The harm arises when C-eunuchians and their vassals lack the courage (and other tools) to yell: "The Empress wears no clothes!"

Credit unions do have one fine Ohio leader who has laid it on the line succinctly about NCUA's RBC 2...

"To say that NCUA's revised RBC rule is a "problem looking for a solution" is too kind; since it presumes that if there were an actual problem, RBC would be a reasonable solution. 

I prefer to say it this way... "NCUA's revised RBC rule is a solution that won't work for a problem that does not exist."

Wonder why he seems to stand so alone among credit union leaders?  ... you have until April 27th.


Anonymous said...

Who is the Ohio leader? We need more like him/her.

Anonymous said...

Jimbolski, I remember a blog you recently wrote about a golfer. Like the golfer, the leaders of the two associations have clubs but they lack the things you hit with the clubs.

Jim Blaine said...

Doug Fecher, CEO at Wright-Patt CU in Ohio, is the author of the quote... delivered in DC last week at one of those GAC Committee meetings - with less than rousing support from the "powers that be" evidently.