Thursday, October 15, 2015

Final RBC Rule Confirms NCUA Staff Capabilities...!

Representative Jeb Hensarling (R-Tx), Chairman of the House Financial Services Committee, forwarded a letter to the NCUA Board, respectfully requesting that the NCUA pause and continue to study the proposed, highly important risk-based capital (RBC) rule.

Representative Hensarling was too polite to mention the horrific 3-year saga required by thousands of credit unions and over 300+ House members to force NCUA to pull back from the initial, ill-advised January, 2014 proposed rule. The egregious NCUA staff incompetence - evidenced for all eternity - in that January, 2014 proposed rule is easily confirmed by a simple side-by-side comparison with the rule finalized today.  

For many credit union boards and staff, those who drafted the original RBC rule (and will now administer the final rule!) are far more frightening than the RBC rule itself!

Since Mr. Hensarling is evidently still not clear on who runs America's credit unions, here's a little reminder...

Congressmen may come and go, but an independent federal agency lasts forever!

(... and answers to no one, Mr. Hensarling!)


Anonymous said...

So basically Chairman Matz told Mr. Henserling and all the other Congressmen to literally go fly a kite. As she has continued to show everyone she is above all and her way rules. Perhaps her appearance at another hearing is in the cards.

And what's up with this Metsger guy. Did you see him at today's board meeting. He was rambling out of control.Maybe too much coffee in the morning. Does anyone know what is was talking about. Better yet, does anyone really care what he says?

NCUA has become the butt of all jokes among the regulators, the trades, the industry and yes even among the staff at the agency who tremble at the sight of the Queen.

Anonymous said...

Watching the meeting online I actually thought Matz and McWatters were fair and professional today discussing what most believe is a bad rule. Not sure what Metsger was drinking but that was ridiculous and something you would never see occur at any other regulator; his antics are why the NCUA will never be seen as on par with the other financial regulators. Whatever jackass wrote those snarky, unprofessional talking points for him should be fired.

Jim Blaine said...

Only caught a small part of the podcast, but it was while Mr. Metsger was at bat... must agree on the content/context.

... he seems to be increasingly characterized by the old line:

"An empty cab pulled up at the entranceway to NCUA and Rick Metsger got out."

[Read it again s-l-o-w-l-y...]

Anonymous said...

And the story goes he told the cab to wait.

Anonymous said...

When our industry rags like the Credit Union Journal and Credit Union Times who are manipulated by the NCUA and owned and controlled by CUNA with their massive advertising dollars actually run stories on their craziness, we have a serious problem. I completely disagree that Metsger's staffer should be fired, Rick didn't have to read that immature, unprofessional garbage. It's his fault.

Political Tone Deafness Stuns in Credit Union Land
NCUA Vice Chairman Rick Metsger and CUNA CEO Jim Nussle miss the mark with their words and actions.

Greg said...

Political tone deafness in CU Land by Heather Anderson

Jim, you got a mention on the second page.

Anonymous said...

Thank God Jim's picture wasn't posted.