ACCORDING TO THE NCUA BOARD THE 100 MILLION MEMBER-OWNERS OF AMERICA'S CREDIT UNIONS DO NOT EXIST!*
"... we determined that disclosure would speak
to an audience that does not exist."
- Mr. Scott Hunt
Director of National Examinations and Supervision
If you do not exist, why should you expect to be heard?
* Approved by the NCUA Board (on a 2-1 vote) - April 24, 2014.
(complete insulting video at www.ncua.gov)
3 comments:
The non-existence of existence would therefore mean the existence of the non-exciting proliferating agency should therefore be rendered non-existent.
The Greatest Risk To The Credit Union Movement... The Do-gooders in DC.
Just one small example,this FCU will spend $6K to have our ALM model validated as required by NCUA under the "risk" umbrella. We use the same ALM model as at least 100 other CUs. NCUA always willing to spend our members' money.
Insult to injury, all ALM models are fixated on a 300 bp interest rate shock that has never happened. No one seems to know the origin of the magical 300bps, yet it is apparently statistically valid regardless if the overnight rate is 25 bps or 500 bps. That is magic.
Side note to NCUA hindering more than helping ... I strongly recommend reading Peter Duffy's article in CU Times 03.16.15.
2-1. The new battle cry for credit unions.
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