Monday, June 01, 2015

Whose Interests Does Secrecy Serve?


In September, 2014 the robust senior leadership at the NCUA issued a "serious-minded profundum[see here]" on the critical importance of Stress Testing and Capital Planning at credit unions with assets greater than $10 billion. 


Those large credit unions, according to the current NCUA Chair, do, after all, pose "large risks" to the share insurance fund (NCUSIF), to the stability of the national economy, and perhaps even to the future of our American Democracy as we now know it.  

Unless someone is "telling a larry" this is really, really important stuff - or else why would anyone waste all the time and multiple millions of dollars that has been spent? This is a critical, crucially important analysis for the American people - right? Not just some mindless, bureaucratic exercise - right? The results of those stress tests were, according to the senior NCUA leadership, to be completed by May 28, 2015. 

So, since these stress test exercises were so important to the safety of the NCUSIF, to all credit unions, and to 100 million+ American credit union member-owners [and maybe even to global warming!]:


  WHAT WERE THE RESULTS OF THOSE STRESS TESTS?  
ARE WE SAFE AS A NATION OR NOT???

America's  large banks are required to publish the results of their stress tests because investors and the American citizen-taxpayers, who underwrite the financial deposit insurance system, have the right to know. Why aren't these "risky" credit unions required to also publish results? 


Here's how the NCUA Board decided that 100 million+ American credit union member-owners 
[that means you!] 
did not have the right to know ...




 ... "disclosure would speak to an audience that does not exist."
[that means you do not exist!]

WHOM DOES NCUA's VOTE FOR SECRECY 
SEEK TO PROTECT?

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