"We are both setting and raising the bar on transparency for a federal regulator."
"NCUA should conduct their operations in a wholly transparent manner by avoiding the "because I said so" mentality that seldom works with two year olds." [link]
The following federal financial regulatory agencies have operating advisory panels:
☞ Federal Reserve Advisory Councils
a) Community Advisory Council [link]
☞ FDIC Advisory Committee on Community Banking [link]
☞ SEC Securities Exchange Commission Investor Advisory Committee [link]
☞ SEC Securities Exchange Commission Investor Advisory Committee [link]
☞ CFPB Consumer Bank Advisory Board and Consumer Credit Union Advisory Board [link]
☞ NCUA Advisory Council...
☞ NCUA Advisory Council...
All the NCUA BOARD needs to do is "ACT"!
[ or are all the other agencies wrong?]
ACCOUNTABILITY - COMPETENCY - TRANSPARENCY
[ or are all the other agencies wrong?]
ACCOUNTABILITY - COMPETENCY - TRANSPARENCY
4 comments:
Jim:
You forgot to mention that the CFPB has a Community Bank Advisory Council and Credit Union Advisory Council.
Jim,
Believe you are more pointing out the weakness of their federal agency versus suggesting.
Saying this based on all your posts regarding this "rogue" (a lawmaker's word choice) agency, not just this one.
You, one part hope, one part plead, cajole and sometimes brow beat but, as an advisory council would experience, there will be no change.
This agency won't change itself it has to BE CHANGED...by Congress and the other regulators.
Your goal is to preserve the sanctity of the credit union mission. Alas, that day is past except st SECU and perhaps a handful of others.
You can't put the genie back in the bottle. Not with most credit unions owing indirect lending, risk based lending, "courtesy" pay, etc.
It's over.
It's waiting for congress now.
One thing is for sure though, NCUA is living proof that absolute power corrupted absolutely and is incapable of self correction...in the same way nafcu and CUNA are incapable...because we haven't held them accountable.
You know how the and why the thrifts lost their federal tax exemption in the mid 1950's?
Rerun.
An effective NCUA needs to wear multiple hats. The have a regulatory duty, an insurer duty and an advocacy duty. When you over play your regulatory duty, you get a us against them mentality. Nothing will be achieved if NCUA and Credit Unions are constantly at loggerhead.
Credit unions are lead by volunteers and professionals generally committed to the principles of not for profit cooperatives. When NCUA embraces a full blown Elliot Ness style regulatory posture, the regulated does not react in a positive manner and the system does not work well. Fewer credit union is not a sign of a vibrant system! One of the major causes of credit union failure is regulatory fatigue.
The industry needs a strong and fair regulator. However, you cannot have a successful regulator of credit unions that fails to understand that they have a unique roll in the system.
Made the Change on the CFPB... Thanks!
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