Change is what we all hope for. Change for the better. Across our country change is needed in how we treat people and how we live our lives. Our governments need to change so that all our lives can be better. But we have been waiting for change for decades. So I am sorry to say that change will not come anytime soon until the people decide that to get the change they what they must first take the action needed. Are they ready to that?
What should be done? Maybe What can be done?The likelihood of any change taking place at NCUA is about as likely as winning the half a billion powerball. Usually quoted in the newspapers as 342 million to one or something equally ridiculous. Anyway not likely that it will happen. Conclusion lobby to move insurance function to FDIC and develop a localized examination function utilizing existing state assets. Sounds a little crazy but before you dismiss it consider the compression and consolidation of what remains of the movement. CUNA (with the Dorety report) has noted that there are about 1 thousand Zombie credit unions out there of which we are one. Given the environment all financial institutions are operating in it’s easy to see that the C and C will most likely continue and if the major trade association has already given up on you it is likely that there will be a lot less credit unions to examine. So why shouldn’t that process be enriched by the inclusion of local or at least regional data to help determine the safety and soundness of credit unions (all) in that region? Expansion of examination activity by State regulators would not be that big a deal simply a learning process noting the eventual diminishing differences in Federal vs State Credit Unions. Dividing the insurance and exam function is a good conclusion and despite anything else should be a goal of credit unions and whoever purports to represent them. We should quit wasting time on a dream that somehow NCUA can be “fixed”. It’s gone on too long and the inmates (at least those in charge) are too firmly entrenched. It will take a big change and new ideas to solve it.
Dennis is right. Will NAFCU or CUNA ever change? Will Congress ever change and do their job? NCUA will never change. Suck it up.
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