Sunday, November 20, 2016

The NCUA... Redefining The Agency For The Future...

It's time to ACT!
Had some interesting comments over the last few days about the NCUA, the trade associations, and several of the problems confronting credit unions as we all stare out into an uncertain and challenging future. 

Even had one commenter seemingly willing to personally volunteer to "bell the Cat"! Some might wonder if such a volunteer is brave or foolhardy; since as the fable acknowledges, there can be "consequences". Haven't heard from any of the trades as yet, but I realize that they are very busy, perhaps in time...

As you might suspect, there was a strong vote of "no confidence" in the current version and prospects for the NCUA. Most folks do not believe the NCUA is the premier financial regulator in the Country, although about the same group believes the NCUA should strive to be so. 

What is really discouraging is that most folks
"Inside the box leadership?"
 believe that NCUA "doesn't have it in them" to be the premier regulator, but what is really damning is the belief that NCUA has no ambitions to be the best - that second tier, second class, second rate is good enough for the Agency.

             NCUA is "comfortable" as an "also ran".

If true, this has become a simple question of NCUA Board leadership...

 We have talked in the past about why now is the time to focus on redefining the NCUA because:

1) Credit unions need a strong, independent federal regulator & insurer -  and should fight to create one.

2) NCUA now has the strongest and most capable Board it has had in a decade - operating with an open mind.

3) NCUA will not be permitted to continue its backward looking, shoot from the hip missteps - by either credit unions, Congress, nor the real world marketplace.

4) This won't wait.  NCUA has a very short "shelf life" as it now operates - hopefully not already beyond its "sell by" date.


Global Warming?

Time to "ACT"? 
What are we waiting for?


Anonymous said...

You yourself believe it's now down to waiting for Congress.
Otherwise, you wouldn't say and repeat that NCUA is past its shelf life date.

Best board in years?
What's the hurdle?
There is one smart guys on the board who has promised transparency but not delivered and has also questioned the NCUA future in board meetings.
The other board member, the less said the better...think "lightweight ".

Here is all you need to know about NCUA and it's absolutely corrupted power position...
...they paid 23% to attorneys to settle lawsuits against Executive Order when FHFA paid 2%. One of the lawyers is a lifetime bff of Fenner who's fat gvt pension should be clawed back.
This same agency beats the living crap out of credit unions to shop their investment purchases to the point where the credit union, including mine, spend more time shopping the bond then they do picking the right bond.
Don't know what the brokers are making but it isn't 2% LET ALONE 23%.

Did NCUA "shop " the lawyers?

Roll up this "rogue", they're hurting us and they cost the taxpayer and cu members enough.

Jim Blaine said...

"Roll up the rogue"?1?

Sounds a lot like "lock her up"!

Guess we can all note from the election that there may be a sea-change in "government as usual " at hand....

Any reason that CUs and NCUA shouldn't work on "setting and raising the bar on a federal agency" - now and together - rather than having it done to us by others?

Anonymous said...

What do you mean by short shelf it (NCUA) currently exists?