Sunday, December 11, 2016

The NCUA Budget: Easy Money... Part 10 1/2

NCUSIF investment elves have
a little surprise for you - 

... coal comfort!
Well, guess we've ended up doing the "Twelve Days of Christmas" here haven't we, with this lengthy review of the NCUSIF! Folks are not going to like the large lumps of financial liability that the NCUA "investment Santas" are ("robustly") stuffing into credit union stockings, as we speak.


But, we need to pause to remember what NCUA Chair Rick Metsger said about the NCUSIF: 

"We have a fiduciary responsibility to the Share Insurance Fund, and to U.S. taxpayers and we will not abrogate that responsibility or turn it over to anyone else." [here's your link]

In parsing out that commitment from Chair Metsger, it should be noted that the "We..." means the NCUA Board, which by law does "own" the fiduciary responsibility for the NCUSIF. And, the "... anyone else..." to which the NCUA Board can't "... abrogate that responsibility..." includes the NCUA management staff!

All credit unions
are on board...
The NCUSIF is like a school bus with the NCUA Board responsible for selecting, monitoring, and directing the "bus drivers" - and, as with our school kids, there is a lot at stake with how seriously that duty and responsibility is performed...

 There is a lot "riding on" the sound performance of the NCUSIF!

If you were heading for "a wreck" (costing say $300 to $600 million), would you "ACT"?


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