tag:blogger.com,1999:blog-23302943400433477582024-03-12T23:44:58.134-04:00Jim Blaine on Credit Unions Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.comBlogger1894125tag:blogger.com,1999:blog-2330294340043347758.post-30795389284331467642017-01-23T05:00:00.000-05:002017-01-25T20:52:52.191-05:00Welcome... and Good-bye!<div style="text-align: center;">
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<span class="Apple-style-span" style="color: #990000; font-size: x-large;"><b>HERE'S HOW IT ALL STARTED:</b></span><br />
<span class="Apple-style-span" style="color: #990000; font-size: x-large;"><b>(The first post...)</b></span><br />
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<span style="font-size: x-large;">This is a blog about credit unions...no more, no less. Perhaps it will provoke a dialogue, perhaps it will just provoke. <b><span style="color: #741b47;">The patron saint of this blog is Thomas Paine, a designation with which he would be amused.</span></b></span><br />
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<span style="font-size: x-large;"><b>Here are the categories:</b></span><br />
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<li><span style="font-size: x-large;"><b><span style="color: #741b47;">B-words</span></b> ...observations about our for-profit, four letter f(r)iends.</span></li>
<li><span style="font-size: x-large;"><b><span style="color: #741b47;">Duke Street</span></b> ...home of the NCUA.</span></li>
<li><span style="font-size: x-large;"><span style="color: #741b47;"><b>Egosphere</b> </span>...the leadership odyssey. </span></li>
<li><span style="font-size: x-large;"><span style="color: #741b47;"><b>FOIA</b> </span>...Freedom of Information Act. A place to look under rocks.</span></li>
<li><span style="font-size: x-large;"><b><span style="color: #741b47;">FTF</span></b> ...From the field. The kind of stuff which slips through spell check.</span></li>
<li><span style="font-size: x-large;"><b><span style="color: #741b47;">Opinion</span></b> ...yours or mine.</span></li>
<li><span style="font-size: x-large;"><b><span style="color: #741b47;">Pearls</span></b> ...wisdom of the ages.</span></li>
<li><span style="font-size: x-large;"><b><span style="color: #741b47;">People</span></b> ...profiles, mugshots and eulogies.</span></li>
<li><span style="font-size: x-large;"><span style="color: #741b47;"><b>Risk</b> </span>...regs, capital, ALM, TDR's, FASB, GAAP, and other dull stuff.</span></li>
<li><span style="font-size: x-large;"><b><span style="color: #741b47;">Zen</span></b> ...Aha!! moments.</span></li>
<li><span style="font-size: x-large;"><b><span style="color: #741b47;">???</span></b> ...a search for answers. </span></li>
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Public comments very welcome, preferably with your name. All comments will be prudishly screened for language and civility. Plenty of rant sites already available, let's not do another. Emails welcome: <a href="mailto:jimblainecreditunion@gmail.com">jimblainecreditunion@gmail.com</a>. Upon your request, more than willing to put forward here publicly, significant questions or to submit FOIA requests on your behalf without attribution.</span><br />
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<span style="font-family: "verdana" , sans-serif; font-size: x-large;"><b style="color: #741b47;">"Those who expect to reap the blessings of freedom must undergo the fatigue of supporting it."</b></span></div>
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<span style="font-size: x-large;"><b>- Thomas Paine</b></span><br />
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<span style="font-size: x-large;"> <b><i><span style="color: #990000;"> ... AND WITH THAT THOUGHT,</span></i></b></span></div>
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<span style="font-size: x-large;"><b><i><span style="color: #990000;"> IS ALSO HOW THIS BLOG ENDS!</span></i></b></span><br />
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<span style="color: #741b47; font-family: "verdana" , sans-serif; font-size: x-large;"><b><i>CIAO!</i></b></span><br />
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<span style="color: #741b47; font-size: x-large;"><b>[jimblainenc@gmail.com]</b></span></div>
Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com28tag:blogger.com,1999:blog-2330294340043347758.post-90403855989377771532017-01-22T05:00:00.000-05:002017-01-22T05:00:00.155-05:00Sunday Morning Coming Down.... Women's March Washington, D.C.<div class="separator" style="clear: both; text-align: center;">
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<tr><td class="tr-caption" style="text-align: center;"><span style="color: #990000; font-size: large;"><b><i>HOT NOW !</i></b></span></td></tr>
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<b><span style="font-size: x-large;">It was early. There was a wet chill in the air. The streets were still empty...</span></b><br />
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<tr><td class="tr-caption" style="text-align: center;"><b><i><span style="color: #990000; font-size: large;">The Cat's Meow...</span></i></b></td></tr>
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<b><span style="font-size: x-large;">She was sitting alone in the <span style="color: #990000; font-style: italic;">Krispy Kreme, </span><span style="color: #a64d79;"><i><span style="color: #990000;"><span style="color: #444444;">with</span><span style="color: #c27ba0;"> her pink-knitted hat</span></span><span style="color: #c27ba0;"> </span></i></span></span></b><b><span style="font-size: x-large;">drinking a cup of </span></b><b><span style="font-size: x-large;">hot coffee, </span></b><b><span style="font-size: x-large;">with a .....</span></b><br />
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<tr><td class="tr-caption" style="text-align: center;"><b><span style="font-size: x-large;"><i>... glazed look in her eyes.</i></span></b></td></tr>
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Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com0tag:blogger.com,1999:blog-2330294340043347758.post-69144338496367044652017-01-21T05:00:00.000-05:002017-01-21T09:24:40.159-05:00Ethics...<div style="text-align: center;">
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<b style="font-size: xx-large;"><span style="color: #741b47;">Q: "What is two plus two?"</span></b><br />
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<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;">A Brave New</span><span style="color: #990000; font-size: large;">World!</span></b></td></tr>
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<b style="color: #741b47;"><span style="font-size: x-large;">A:<i> "These days it depends, are you buying or selling?"</i></span></b></div>
Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com0tag:blogger.com,1999:blog-2330294340043347758.post-21736770350421648392017-01-20T05:00:00.000-05:002017-01-20T05:00:10.281-05:00 "Common Sense"...<span style="font-size: x-large;"><br /></span>
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<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;">Thomas Paine</span></b></td></tr>
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<span style="font-size: x-large;">The pamphlet<i> <b>"Common Sense"</b></i><b> </b>was published in Philadelphia by Thomas Paine on January 10, 1776 - two hundred and thirty-nine years ago. <i> <b>"Common Sense"</b></i><b> </b>sold over 250,000 copies in the Colonies, which at that time had a total population of about 3 million - equivalent to selling 30 million copies today! The pamphlet made Thomas Paine America's first 'bestseller' and <i><b>"Common Sense"</b></i> went on to be published with equal acclaim throughout Europe.</span><br />
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<span style="font-size: x-large;">George Washington, John Adams, Thomas Jefferson - all acknowledged that Paine's <i><b>"Common Sense"</b></i> was <b>the deciding factor</b> in turning the tide of public opinion in favor of independence in America.....</span></div>
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<span style="font-size: x-large;">Paine put forth some very sensible arguments about human rights, personal freedom, and <b><span style="color: #990000;">the dangers of a government </span><span style="color: #990000;"> unanswerable and unaccountable to the people.....</span></b></span><br />
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<span style="font-size: x-large;"><span style="color: #741b47;"><b>"Immediate necessity makes many things convenient, which if continued grow into oppressions. Expedience and right are different things.... what at first was submitted to as a convenience was afterwards claimed as a right."</b></span></span></div>
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<span style="color: #741b47; font-size: x-large;"><b>"Society in every state is a blessing, but<i> </i></b></span><br />
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<span style="color: #741b47; font-size: x-large;"><b><i>g</i>overnment, even in its best state, is but a necessary evil; in its worst state an intolerable one; for when we suffer, or are exposed to the same miseries by a government, which we might expect in a country without a government, our calamity is heightened by reflecting that we furnish the means by which we suffer!"</b></span></div>
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<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;"><i>Don't be sheepish<br />about this!</i></span></b></td></tr>
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<span style="font-size: x-large;">As we contemplate our new President, unaccountable independent federal agencies, platforms, deficits, elections, conservative/liberal, left/right, policies, programs, and just where we are as a Nation.... and where the current path is leading; you might want to invest a little time in a 50 page read which convinced future Americans like Washington, Jefferson, Adams, Franklin, Madison, Hamilton, and Monroe to confront the most powerful nation in the world at that time, with one very powerful thought.....</span><br />
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<span style="font-size: x-large;"><b><span style="color: #741b47;">"We have it in our power to begin the world over again."</span></b></span></div>
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<span style="font-size: x-large;"><b>In America you still have that option and<i><span style="color: #741b47;"> </span></i></b></span></div>
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<span style="font-size: x-large;"><b><span style="color: #990000;"><i><span style="font-family: "verdana" , sans-serif;">We are</span> <span style="font-family: "verdana" , sans-serif;"><u>"an audience which does exist"</u>....</span></i></span></b></span></div>
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Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com7tag:blogger.com,1999:blog-2330294340043347758.post-76991139778150167372017-01-19T12:00:00.000-05:002017-01-19T21:31:29.542-05:00That Alleged Russian Influence....<div>
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<b><span style="color: #741b47; font-size: x-large;">Great time to be a Russian history major?</span></b></div>
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<span style="font-size: x-large;">The last Russian Czar was partially brought down by the alleged influence of a Russian mystic over his wife, the Czarina. His name was Grigori Rasputin....</span></div>
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<span style="color: #990000; font-size: x-large;"><b><i>Mr. Rasputin !</i></b></span></div>
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<span style="color: #351c75; font-size: large;"><b><i>(Yeow, scary!)</i></b></span></div>
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<b><i><span style="color: #990000; font-size: x-large;">Instant replay...</span></i></b><br />
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<a href="http://media.vanityfair.com/photos/56cb5d18ab73e22d6d9321f6/master/w_768,c_limit/donald-trump-short-fingered-vulgarian-fingers-bruce-handy-ss13.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://media.vanityfair.com/photos/56cb5d18ab73e22d6d9321f6/master/w_768,c_limit/donald-trump-short-fingered-vulgarian-fingers-bruce-handy-ss13.jpg" height="266" width="400" /></a></div>
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<b><span style="color: #990000; font-size: x-large;"><i>... Rash+Putin ?</i></span></b></div>
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<b><i><span style="color: #990000; font-size: x-large;">... equally scary?</span></i></b></div>
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Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com1tag:blogger.com,1999:blog-2330294340043347758.post-22713278434953088422017-01-19T05:00:00.000-05:002017-01-19T05:00:30.681-05:00Alternative Capital In 2017... ?<div style="text-align: center;">
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<a href="https://1.bp.blogspot.com/-1fvc-HSHne0/UvL4k4KUIlI/AAAAAAAACw4/XW1ikCLu2bAgSzTn5FI9nSY59dg8sVO1QCPcB/s1600/dc.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="374" src="https://1.bp.blogspot.com/-1fvc-HSHne0/UvL4k4KUIlI/AAAAAAAACw4/XW1ikCLu2bAgSzTn5FI9nSY59dg8sVO1QCPcB/s640/dc.jpeg" width="640" /></a></div>
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<b><span style="color: blue; font-size: x-large;">2016...</span></b></div>
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<a href="http://assets.fodors.com/destinations/107/sunset-st-basils-cathedral-red-square-moscow_main.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://assets.fodors.com/destinations/107/sunset-st-basils-cathedral-red-square-moscow_main.jpg" height="344" width="640" /></a></div>
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<b><span style="color: #990000; font-size: x-large;"><i>... 2017 ?</i></span></b></div>
Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com1tag:blogger.com,1999:blog-2330294340043347758.post-60277033495419821652017-01-18T05:00:00.000-05:002017-01-18T19:32:20.844-05:00Government of the People….?<span class="Apple-style-span" style="font-size: large;"><br /></span>
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<tr><td style="text-align: center;"><a href="http://2.bp.blogspot.com/-saPCp4jOmjM/TeJBDVTuXWI/AAAAAAAAAIM/khUkBDcXWx4/s1600/delphi.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="300" src="https://2.bp.blogspot.com/-saPCp4jOmjM/TeJBDVTuXWI/AAAAAAAAAIM/khUkBDcXWx4/s400/delphi.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #990000; font-family: "verdana" , sans-serif; font-size: small;"><i><b>Poor government can be<br />ruinous...</b></i></span></td></tr>
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<span class="Apple-style-span" style="font-family: "verdana" , sans-serif; font-size: x-large;"><b>"The penalty good men pay for not being interested in politics is to be governed by men worse than themselves."</b></span></div>
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<span class="Apple-style-span" style="color: #741b47; font-family: "verdana" , sans-serif; font-size: medium;"><b><span style="font-size: x-large;">- Plato</span></b></span><br />
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Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com0tag:blogger.com,1999:blog-2330294340043347758.post-50532276879037826782017-01-17T05:00:00.000-05:002017-01-17T08:11:57.133-05:00Rants And Raves...<span style="font-size: x-large;"><br /></span>
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<span style="font-size: x-large;">Had about given up on everybody's favorite <b><i><span style="color: #741b47;">"Rants and Raves"</span></i></b> until a snow storm delayed copy of Spruce Pine's finest newspaper arrived over the weekend. </span><br />
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<span style="font-size: x-large;">The sniping around Mitchell County had grown a </span><br />
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<span style="font-size: x-large;"><a href="http://media-dmg.assets-cdk.com/teams/repository/export/v/1/c67/b9758865610058176005056925fd3/c67b9758865610058176005056925fd3.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://media-dmg.assets-cdk.com/teams/repository/export/v/1/c67/b9758865610058176005056925fd3/c67b9758865610058176005056925fd3.jpg" height="235" width="400" /></a></span></div>
<span style="font-size: x-large;">bit dull of late perhaps because the <b style="color: #741b47; font-style: italic;">Mitchell-News Journal </b><span style="color: blue;"><a href="http://www.mitchellnews.com/">[link]</a> </span>had a new editor, or November's election shock still had hold, or maybe its just harder to be snide and snarky around Christmas - who knows? But <b><i><span style="color: #741b47;">"the quality"</span></i></b> - or whatever you call it - of the</span><br />
<span style="font-size: x-large;">repartee was way down! Folks were simply asleep at the squeal! Well, until this one...</span><br />
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<span style="color: #990000; font-size: x-large;"><b>* "Is anyone missing a very unusual pet rabbit If so, call 828-765-7045. I have it."</b></span></div>
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<span style="font-size: x-large;">Now I must admit that </span><span style="font-size: x-large;">I didn't have the nerve to call that number to find out what was<b><i><span style="color: #990000;"> "very unusual"</span></i></b> ;<i style="color: #674ea7; font-weight: bold;"> but...</i></span></div>
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<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;">Can hardly wait<br /><i>... I think?!?!</i></span></b></td></tr>
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<span style="font-size: x-large;"><b><i><span style="color: #990000; font-family: "verdana" , sans-serif;">... if you do,</span><span style="color: #674ea7;"> think we'd all like to hear the story!</span></i></b></span></div>
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Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com2tag:blogger.com,1999:blog-2330294340043347758.post-69746434594274294032017-01-16T05:00:00.000-05:002017-01-16T10:28:30.838-05:00All Of God's Children....<b style="text-align: center;"><span style="color: #741b47; font-family: "verdana" , sans-serif; font-size: x-large;"><br /></span></b>
<b style="text-align: center;"><span style="color: #741b47; font-family: "verdana" , sans-serif; font-size: x-large;">"Now is the time to make real the promises</span></b><br />
<b style="text-align: center;"><span style="color: #741b47; font-family: "verdana" , sans-serif; font-size: x-large;"> of democracy."</span></b><br />
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<b><span style="color: #741b47; font-family: "verdana" , sans-serif; font-size: x-large;"><b><span style="color: #741b47; font-family: "verdana" , sans-serif; font-size: x-large;">"Now is the time to make justice a reality for all of God's children."</span></b></span></b></div>
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<b><span style="font-family: "verdana" , sans-serif; font-size: x-large;"><b style="font-family: verdana, sans-serif;"> - Martin Luther King, Jr</b><span style="font-family: "verdana" , sans-serif;">.</span></span></b></div>
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<span style="font-family: "verdana" , sans-serif; font-size: x-large;"><i><span style="color: #674ea7;"><b>Sometimes it's important to...</b></span></i></span></div>
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<b style="font-family: verdana, sans-serif;"><span style="color: #674ea7; font-size: x-large;"><i>..."Stand In The Way".</i></span></b></div>
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<span style="font-size: large;"><span style="color: #990000; font-family: "verdana" , sans-serif; font-size: large;"><b><i>Actually,</i></b></span><b style="color: #990000; font-family: verdana, sans-serif;"><i> is there anything more important?</i></b></span></div>
<span style="font-size: x-large;"> </span>Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com1tag:blogger.com,1999:blog-2330294340043347758.post-18261799208974320142017-01-15T05:00:00.000-05:002017-01-15T05:00:01.904-05:00Difficult Choices<div style="text-align: center;">
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<a href="https://3.bp.blogspot.com/-NooW-mIrVyQ/UAw6dLTA-lI/AAAAAAAABAg/Kz-XL1QPlAgx1pCDqG356WgWrWHiEQmZQCPcB/s1600/%253F.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-NooW-mIrVyQ/UAw6dLTA-lI/AAAAAAAABAg/Kz-XL1QPlAgx1pCDqG356WgWrWHiEQmZQCPcB/s320/%253F.jpg" width="320" /></a></div>
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<b><span style="font-size: x-large;">If you had to choose between drinking wine and being CEO of CUNA, which would you choose?</span></b></div>
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<b><span style="color: #741b47; font-size: x-large;"><i>... red or white?</i></span></b></div>
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Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com1tag:blogger.com,1999:blog-2330294340043347758.post-86971645853803490012017-01-14T05:00:00.000-05:002017-01-14T05:00:01.777-05:00Airport Sit-uation.....<br />
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<span class="Apple-style-span" style="font-size: x-large;">Next time you're flying through Chicago, don't miss the airline seat display in O'Hare Airport proclaiming the <i><b><span style="color: #741b47;">"greater leg room"</span></b></i> a certain airline now provides? </span><br />
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<span class="Apple-style-span" style="font-size: x-large;"><b><i><span style="color: #741b47;"><br /></span></i></b></span><br />
<span class="Apple-style-span" style="font-size: x-large;"><b><i><span style="color: #741b47;">"Greater leg room"</span></i></b> on an airline is, in and of </span><br />
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<span class="Apple-style-span" style="font-size: x-large;"><a href="http://static.thousandwonders.net/O'Hare.International.Airport.original.5513.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://static.thousandwonders.net/O'Hare.International.Airport.original.5513.jpg" height="180" width="320" /></a>itself, a pretty peculiar idea.... 'bout as oxymoronic as jumbo shrimp, killed by friendly fire, pretty ugly, cold as hell, educational TV, compassionate conservative, fiscally responsible liberal, honest lawyer, happily married....<b><span style="color: #990000;"><i> robust regulation!</i></span></b></span></div>
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<span class="Apple-style-span" style="font-size: x-large;"><br /></span>
<b><span style="color: #741b47;"><span class="Apple-style-span" style="font-size: x-large;">....but nowhere nearly as </span><span class="Apple-style-span" style="font-size: x-large;"><i>strange as the folks</i></span><span class="Apple-style-span" style="font-size: x-large;"> at the airport </span><span class="Apple-style-span" style="font-size: x-large;"><i>who were sitting in the display seats </i></span><span class="Apple-style-span" style="font-size: x-large;">while waiting for their flights!</span></span></b><br />
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<span class="Apple-style-span" style="color: #990000; font-size: x-large;"><b>Why do folks want <i>to practice</i> being uncomfortable....?</b></span><br />
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<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;"><i>Dumb-d-<br />dumb...!</i></span></b></td></tr>
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<span class="Apple-style-span" style="font-size: x-large;"><b><span style="color: #674ea7;"><br /></span></b></span></div>
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<span class="Apple-style-span" style="font-size: x-large;"><b><span style="color: #674ea7;">Do they think they earn extra <i>"airline miles" </i>- or what? </span></b> </span></div>
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<br />Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com1tag:blogger.com,1999:blog-2330294340043347758.post-25910258712928845052017-01-13T05:00:00.000-05:002017-01-13T05:00:04.202-05:00Insular, Isolated and (therefore we're all) In Jeopardy...<br />
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<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;">Fed Annual Reports: Dealing with<br /> gloomy forecasts and <span style="font-family: "verdana" , sans-serif;"><i>"uncertainty"</i></span>...</span></b></td></tr>
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<span style="font-size: x-large;"><b>Was reading the Annual Report of the Federal Reserve Bank of Philadelphia recently. That's the sort of thing one does on a dreary, overcast day</b><b>, when you're down with the flu, fevered, somewhat dazed by antibiotics, and lacking the resolve to venture far from the couch or <i>"the facilities"</i> - if you know what I mean. <span style="color: #990000;"><i>(Otherwise, wouldn't recommend Federal Reserve annual reports to anyone under normal circumstances.)</i></span></b></span><br />
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<span style="font-size: x-large;"><b>Found two things of particular interest in the Philly Fed's annual progress report. First, the commentary piece <span style="color: #a64d79;">[<span style="color: #a64d79;"> </span><a href="http://www.philadelphiafed.org/publications/annual-report/2012/restoring-the-boundaries.cfm"><span style="color: blue;">"Fiscal Policy and Monetary Policy: Restoring The Boundaries"</span></a>]</span> by the President of the Philadelphia Fed, Mr. Charles I. Plosser, is a strikingly thoughtful review of overall Federal Reserve policy since 2008, outlining much concern that The Fed may have dangerously overstepped its monetary mandate and outlining the daunting difficulties ahead. </b></span><br />
<span style="font-size: x-large;"><b></b></span><br />
<span style="font-size: x-large;"><b>The Fed, the Congress, and the Country are at significant risk in trying to unwind the current fiscal <i><span style="color: #990000;">"dire straits"</span></i> in which we now find ourselves. <i>"Fevered or unfevered",</i> the article is well worth your time - and most fortunately, it's written in intelligent, <i><span style="color: #990000;">"non-robust"</span></i> English and runs just a couple of pages. </b></span><br />
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<span style="font-size: x-large;"><b>The second point of interest was the wealth of ways the Philly Fed is involved within the Fed district it serves. The annual report prominently marks the numerous sources of advice and feedback the bank has developed to assure it stays informed and attuned to the folks it serves. </b></span><br />
<span style="font-size: x-large;"><b><br /></b></span>
<span style="font-size: x-large;"><b>There is a nine member <span style="color: #741b47; font-family: "verdana" , sans-serif;">Citizens Advisory Council </span>of which Mr. Plosser says: "I am grateful for the continued advice and counsel of the nine citizens who serve on the board." There is also an<span style="color: #741b47; font-family: "verdana" , sans-serif;"> Economic Council </span>composed of leaders from District industry, manufacturers, and non-profits. The <span style="color: #741b47; font-family: "verdana" , sans-serif;">Community Depository Institutions Advisory Council </span>has 12 financial leaders, including two representing credit unions. And, Mr. Plosser even speaks proudly of the District's representative on the national <span style="color: #741b47; font-family: "verdana" , sans-serif;">Federal Advisory Council</span> which meets quarterly with the Chairman and full Federal Reserve Board. </b></span><br />
<span style="font-size: x-large;"><b><br /></b></span>
<span style="font-size: x-large;"><b>Yes, even <span style="background-color: white; color: #741b47; font-family: "verdana" , sans-serif;">"The Big FED"</span> has several working advisory councils which meet regularly to provide insight, as does the FDIC, as do the Federal Home Loan Banks. One of the very first initiatives of the brand spanking new CFPB was to create citizen/business advisory groups - in which credit unions were thankfully included.</b></span><br />
<span style="font-size: x-large;"><b><br /></b></span>
<span style="font-size: x-large;"><b><span style="color: #351c75;">So, here's</span> <span style="color: #990000; font-family: "verdana" , sans-serif;">Test Question #1</span><span style="color: #990000;">:</span> <span style="color: #351c75;"> Name the one federal regulatory agency which hasn't formed any advisory groups to provide periodic advice and counsel?</span></b></span><br />
<span style="font-size: x-large;"><b><span style="color: #351c75;"><br /></span></b></span>
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<a name='more'></a><span style="font-size: x-large;"><b> </b></span><b style="text-align: center;"><span style="color: #990000; font-family: "verdana" , sans-serif; font-size: x-large;">A:</span></b><br />
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<tr><td style="text-align: center;"><a href="http://2.bp.blogspot.com/-_FVrrjwy_2U/UHXkK-EL0KI/AAAAAAAABQE/xy6uBzagx5c/s1600/ncuap.jpeg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="150" src="https://2.bp.blogspot.com/-_FVrrjwy_2U/UHXkK-EL0KI/AAAAAAAABQE/xy6uBzagx5c/s320/ncuap.jpeg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #990000; font-size: large;"><b><i>(Lucky guess!!)</i></b></span></td></tr>
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<b style="text-align: center;"><span style="color: #990000;">Test Question #2: </span><span style="color: #351c75;">Why no dialogue at NCUA? Is everyone else foolish?</span></b></div>
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<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;"><i>ACT!</i></span></b></td></tr>
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<b style="text-align: center;"><span style="font-size: large;"><span style="color: #351c75;"><span style="font-family: "verdana" , sans-serif;"><span style="color: #990000; font-family: "verdana" , sans-serif; font-size: x-large;">A:</span><span style="color: #351c75;"><span style="font-size: x-large;"><span style="font-family: "verdana" , sans-serif;">… </span><span style="font-family: "times" , "times new roman" , serif;">leadership which is </span></span></span></span></span><span style="font-family: "times" , "times new roman" , serif; font-size: x-large;"><span style="color: #351c75;">insular and isolated is prone to unforced, uninformed errors - an </span><i style="color: #351c75;">"irresponsible regulatory risk" </i><span style="color: #990000;">(<i>"IRR"</i>)</span><span style="color: #351c75;"> for all of us.</span></span></span></b><br />
<b style="text-align: center;"><span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif; font-size: x-large;"><span style="color: #351c75;"><br /></span></span></span></b><b style="text-align: center;"><span style="font-size: large;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="color: #990000;"> ACCOUNTABILITY - COMPETENCY - TRANSPARENCY</span></span></span></b><br />
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<span style="color: #990000; font-family: "verdana" , sans-serif; font-size: x-large;"><b></b></span>Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com2tag:blogger.com,1999:blog-2330294340043347758.post-71838048193427126702017-01-12T05:00:00.000-05:002017-01-12T09:00:38.378-05:00Time For A Choice... Or A Complete Change?<div style="text-align: center;">
<b><i><span style="color: #990000; font-family: Courier New, Courier, monospace; font-size: x-large;"><br /></span></i></b>
<b><i><span style="color: #990000; font-family: Courier New, Courier, monospace; font-size: x-large;">THREE LITTLE WORDS...</span></i></b><br />
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<a href="http://www.infiniteunknown.net/wp-content/uploads/2009/10/fdic-logojpg.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://www.infiniteunknown.net/wp-content/uploads/2009/10/fdic-logojpg.png" height="188" width="400" /></a></div>
<b><span style="font-size: x-large;"><br /></span>
<span style="font-size: x-large;">The Federal Deposit Insurance Act</span></b></div>
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<span style="font-size: x-large;"><b>Section 1(a) Establishment of Corporation</b></span></div>
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<span style="font-size: x-large;"> </span></div>
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<span style="font-size: x-large;"><span style="font-size: large;">"There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the "Corporation") which shall insure, as hereinafter provided, the deposits of all banks and savings associations <i style="color: #660000;"><b>[and credit unions]</b></i></span></span> <span style="font-size: large;">which are entitled to the benefits of insurance..."</span></div>
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<b><span style="color: #990000; font-size: x-large;">Wouldn't take a whole lot to....</span></b></div>
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<b><i><span style="color: #990000; font-size: x-large;">Let folks choose and vote with their feet!</span></i></b></div>
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<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;">"FDI - <i>ACT</i>!"</span></b></td></tr>
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<span style="font-size: x-large;"><br /></span>
<span style="font-size: x-large;"><b><span style="color: #674ea7;">... are you ready for the</span></b> <b><span style="color: #990000;"><i>"hereinafter"</i></span></b><b><span style="color: #674ea7;">?</span></b></span><br />
<span style="font-size: x-large;"><b><span style="color: #674ea7;"><br /></span></b></span>
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<b><span style="color: #674ea7; font-size: large;">ACCOUNTABILITY - COMPETENCY - TRANSPARENCY</span></b><br />
<b><span style="color: #990000; font-size: large;"><i>[What have you got to choose...?]</i></span></b></div>
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Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com1tag:blogger.com,1999:blog-2330294340043347758.post-69331640021429131892017-01-11T05:00:00.000-05:002017-01-11T10:08:43.533-05:00NCUSIF Annual Assessments<span style="font-size: x-large;"><br /></span>
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<span style="color: #741b47; font-size: x-large; font-weight: bold;">NCUA's robusterian capital market folks are always primly proud of their <i>"market savvy"</i> and economic forecasting talents - they view themselves as without peer! </span><span style="font-size: x-large;">And, most folks agree with that assessment! </span><span style="color: #674ea7; font-size: large;"><b>[Sorry to use that word; it just slipped out...]</b><b> </b></span><br />
<span style="font-size: x-large;"><br /></span>
<span style="font-size: x-large;">Immersed in their interest rate risk bi-polarity and non-maturity share hysterics, these <b><span style="color: #741b47;">mavens of <i>"make-it-up</i>" </span></b>encourage credit unions </span><br />
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<tr><td style="text-align: center;"><a href="http://www.sklarcorp.com/skin/frontend/sklar/default/images/lifetime-guarantee.png" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="http://www.sklarcorp.com/skin/frontend/sklar/default/images/lifetime-guarantee.png" height="320" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;"><i>Never at risk! </i></span></b></td></tr>
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<span style="font-size: x-large;">to develop and adopt a similar "strategic vision". But, there is one difference in your strategic planning and theirs - you actually have to live with your results; the robusterians at the NCUA are not challenged with the burden of accountability. You pay for their antics! </span><b><span style="color: #674ea7; font-size: large;"><i>[Prepare to pay... and pay... and pay again!]</i></span></b><br />
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<span style="color: #741b47; font-size: x-large;"><b><br /></b></span></div>
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<span style="font-size: x-large;"><b style="color: #741b47;">Here's a little matrix you can use to build a recurring NCUSIF assessment into your credit union strategic plan...</b></span></div>
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<span style="color: #990000;"><span style="font-size: x-large;"><b>If national </b></span><b><span style="font-size: x-large;">CU asset growth exceeds </span></b><span style="font-size: x-large;"><b>2%</b><b> annually,</b></span></span></div>
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<span style="color: #990000; font-size: x-large;"><b> then fork over $100 million to NCUA for each percentage point growth above 2%. </b></span></div>
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<b><span style="font-size: large;"> <u>National CU Growth Rate</u> <u> $$$ Assessment</u></span></b></div>
<span style="font-size: large;"><b> 2% $ 0</b></span><br />
<span style="font-size: large;"><b> 3% $ 100 million</b></span><br />
<span style="font-size: large;"><b> 4% $ 200 million</b></span><br />
<span style="font-size: large;"><b> 5% $ 300 million</b></span><br />
<span style="font-size: large;"><span style="font-size: large;"><b> <span style="color: #990000;"> </span></b></span><b><span style="color: #990000;">8% (actual as of 9/30/16) $ 600 million</span></b></span><br />
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<span style="font-size: large;"><b><span style="color: #990000;"><br /></span></b></span></div>
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<span style="font-size: large;"><b><span style="color: #990000;"><i>(... repeat in 2018 and 2019!)</i></span></b></span></div>
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<span style="font-size: large;"><span style="color: #741b47;"><span style="font-size: large;"><b>As discussed in the last post, the NCUA can</b></span><b>'t pay its bills over the next few years</b></span> <b><i><span style="color: #990000;">and also maintain a 1.30% NCUSIF equity ratio.</span></i></b></span></div>
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<span style="font-size: x-large;"><span style="color: #990000;"><b>Why? </b></span>Because the NCUA has 1) a $300 million budget locked in by a union contract over the next few years, 2) the NCUA investment gurus have locked in NCUSIF investment earnings over the next few years at a rate of @2.00%<b><span style="color: #990000;"> (and claim they can't change their <i>"strategy"</i>!)</span></b>, and 3) the NCUA senior staff evidently can't stand to suggest that the 1.30% equity ratio target be temporarily lowered <b><span style="color: #990000;">(and thereby perhaps admit the obvious - the failure of their <i>"strategic foresight"</i>?)</span></b>, until wiser thinking and rising rates can bail them out.</span><br />
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<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-7i5v_UPIiy0/UEgEpY1JE_I/AAAAAAAABHs/j3hSvQ1bHlQD9-bhkMvT2cPEap3VH_iowCPcB/s1600/purpleduck.png" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://1.bp.blogspot.com/-7i5v_UPIiy0/UEgEpY1JE_I/AAAAAAAABHs/j3hSvQ1bHlQD9-bhkMvT2cPEap3VH_iowCPcB/s1600/purpleduck.png" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;"><i>Why not<br />ACT?</i></span></b></td></tr>
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<span style="color: #674ea7; font-size: x-large;"><b>The NCUA Board has several excellent alternatives that would not require hundred million dollar assessments on credit unions.</b></span></div>
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<span style="color: #674ea7; font-size: large;"><b>ACCOUNTABILITY - COMPETENCY - TRANSPARENCY</b></span></div>
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<span style="font-size: x-large;"> </span>Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com1tag:blogger.com,1999:blog-2330294340043347758.post-9477566180022493422017-01-10T05:00:00.000-05:002017-01-10T05:00:15.962-05:00Why the NCUA Can't Pay Its Bills Going Forward... Without Annual Assessments On Credit Unions.<div style="text-align: center;">
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnXQYhs1MBfGgt4Gf7k1quqFljcHiB2ZBsyMDCwqY92RnwRQpsh5bEdo1u7XKjR7ry2QYHHyPWzulgX8OasNego7zTMXRHP0148N7ZFecYGjzZrQ4P2arWL74EM0PI1ldBPeZDjnHxa1Bm/s1600/corneredrat.png" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="221" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnXQYhs1MBfGgt4Gf7k1quqFljcHiB2ZBsyMDCwqY92RnwRQpsh5bEdo1u7XKjR7ry2QYHHyPWzulgX8OasNego7zTMXRHP0148N7ZFecYGjzZrQ4P2arWL74EM0PI1ldBPeZDjnHxa1Bm/s1600/corneredrat.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #990000; font-size: large;"><b>No way out! Face the music...<br /><i>... and the assessments!</i></b></span></td></tr>
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<b><span style="font-size: x-large;"><span style="color: #741b47;"><span style="font-family: "verdana" , sans-serif;"><br /></span></span></span></b></div>
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<b><span style="font-size: x-large;"><span style="color: #741b47;"><span style="font-family: "verdana" , sans-serif;">The NCUA has cornered a rat !</span></span><span style="font-family: "verdana" , sans-serif;"> </span></span></b></div>
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<b><span style="font-family: "verdana" , sans-serif; font-size: x-large;"><span style="color: #741b47;"><br /></span></span></b></div>
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<b><span style="font-family: "verdana" , sans-serif; font-size: x-large;"><span style="color: #741b47;">And, that rat </span><i><span style="color: #990000;"><u> be you!</u></span></i></span></b></div>
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<b><span style="font-size: x-large;"><i><span style="color: #990000;"><u><br /></u></span></i></span></b></div>
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<span style="font-size: x-large;"><b><span style="color: #741b47;">It's taken</span></b> </span><b><span style="font-size: x-large;"><span style="color: #741b47;">a few years of <i>"indiligent"</i> </span></span><span style="color: #351c75; font-size: large;">[</span></b><i><span style="color: #351c75; font-size: large;"><b>and, of course, unaccountable, untransparent and perhaps incompetent]</b></span></i><span style="color: #741b47; font-size: x-large;"><b> planning and management,</b></span><span style="font-size: x-large;"><span style="color: #741b47;"><b> but the NCUA staff has finally done it -</b></span> <b><i><span style="color: #990000;">worked us all into a corner!</span></i></b></span></div>
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<span style="font-size: x-large;"><b><i><span style="color: #990000;"><br /></span></i></b></span></div>
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<span style="font-size: x-large;">On November 17, 2016, <span style="color: #741b47;"><b>the NCUA senior staff announced they had run out of ideas</b></span> <b><i><span style="color: #990000;">- and money! -</span></i></b> to an <i>"awestruck"</i> NCUA Board...<b><span style="color: #741b47;"> and that a $300 to $600 million assessment on credit union members </span></b>would be necessary in 2017 to maintain the targeted 1.30% equity ratio of the NCUSIF. <a href="https://www.ncua.gov/About/Documents/Agenda%20Items/AG20161117Item5a.pdf"><span style="color: blue;">[here's the link] </span></a></span></div>
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<a href="https://1.bp.blogspot.com/-lcfL2Kg7ocY/TvoKAGsMSEI/AAAAAAAAAdQ/zm5dsr5CySgihWdmAx7S0qNBE1YLEH6ogCPcB/s1600/ncya.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="240" src="https://1.bp.blogspot.com/-lcfL2Kg7ocY/TvoKAGsMSEI/AAAAAAAAAdQ/zm5dsr5CySgihWdmAx7S0qNBE1YLEH6ogCPcB/s320/ncya.jpg" width="320" /></a></div>
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<span style="font-size: x-large;"><b><span style="color: #741b47;">What the senior staff evidently didn't tell the NCUA Board</span></b> <b><i><span style="color: #990000;">- and certainly hasn't mentioned to credit unions -</span></i></b> <span style="color: #741b47;"><b>is that </b></span><b><span style="color: #741b47;">additional annual assessments will be required for the next several years </span></b>- unless NCUA changes <i>"its thinking"</i> - and we all know how <i>"robustly"</i> unlikely that is of happening!</span></div>
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<a href="http://static.tumblr.com/0ee21b1cf4ad4b2057305b00cb5f9669/ihh9sai/uUWmr68oc/tumblr_static_tumblr_static_cheese_205_1362800142.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://static.tumblr.com/0ee21b1cf4ad4b2057305b00cb5f9669/ihh9sai/uUWmr68oc/tumblr_static_tumblr_static_cheese_205_1362800142.jpg" height="194" width="200" /></a><span style="font-size: x-large;">Let me show the simple math on how you know NCUA is getting ready<b><i><span style="color: #e69138;"> "to move your cheese"</span></i></b> on a regular annual basis...</span></div>
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<span style="font-size: x-large;"><span style="color: #674ea7;"><b>Here are the components of our equation:</b></span></span></div>
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<span style="font-size: x-large;"><b><span style="color: #741b47;">#1)</span></b> The approved <b><span style="color: #741b47;">2017 </span><span style="color: #741b47;">NCUA annual budget: @$300 million.</span></b></span><br />
<span style="font-size: x-large;"><b><span style="color: #741b47;"><br /></span></b></span></div>
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<span style="font-size: x-large;"><span style="color: #741b47;"><b>#2)</b></span> The % of the $300 million annual NCUA operating budget drawn from (called the overhead transfer rate -<b><span style="color: #741b47;"><i> the "OTR"</i></span></b>) the earnings of the NCUSIF: @ 2/3rds or<b><span style="color: #741b47;"> $200 million.</span></b></span><br />
<span style="font-size: x-large;"><b><span style="color: #741b47;"><br /></span></b></span></div>
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<span style="font-size: x-large;"><b><span style="color: #741b47;">#3)</span></b> The <b><span style="color: #741b47;">balance in the NCUSIF: @ $13 billion.</span></b></span><br />
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<span style="font-size: x-large;"><b><span style="color: #741b47;">#4)</span></b> The NCUA staff <b><span style="color: #741b47;">projected yield</span></b> <b><span style="color: #741b47;">on the NCUSIF</span></b> over the next 3 years:<b><span style="color: #741b47;"> < 2.00%.</span></b></span><br />
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<span style="font-size: x-large;"><span style="color: #741b47;">#5<b>)</b></span> Current level of<b><span style="color: #741b47;"> insured shares: @ $1 trillion.</span></b></span></div>
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<a href="https://1.bp.blogspot.com/-7i5v_UPIiy0/UEgEpY1JE_I/AAAAAAAABHs/j3hSvQ1bHlQD9-bhkMvT2cPEap3VH_iowCPcB/s1600/purpleduck.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://1.bp.blogspot.com/-7i5v_UPIiy0/UEgEpY1JE_I/AAAAAAAABHs/j3hSvQ1bHlQD9-bhkMvT2cPEap3VH_iowCPcB/s1600/purpleduck.png" /></a></div>
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<span style="font-size: x-large;"><b><span style="color: #674ea7;">Alright, ready?!? We're going to do the simple math - OK?</span><span style="color: #741b47;"> </span></b></span></div>
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<span style="font-size: x-large;"><span style="font-weight: bold;"><u style="color: #741b47;">Step 1:</u><span style="color: #444444;"> </span></span><span style="color: #444444;">How much will the approximate earnings be on the NCUSIF next year? Easy! The fund balance ($13 </span></span><span style="color: #444444; font-size: x-large;">bil.) X @2.00% = $260 million. </span></div>
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<span style="font-size: large;"><span style="font-size: x-large;"><b><u><span style="color: #741b47;">Step 2:</span></u></b> After the OTR draw down of $200 million <b><i><span style="color: #741b47;">(#2 above)</span></i></b> to fund the operating budget <b><i><span style="color: #741b47;">(#1 above)</span></i></b> <b><span style="color: #990000;">the balance of earnings left to increase the NCUSIF will be @ $60 million in 2017</span></b> ( $260 million in earnings (<b><span style="color: #741b47;">Step 1</span></b>) minus $200 million (the OTR drawn down<b><span style="color: #741b47;"> #2 above</span></b>) = $60 million). And, according to NCUA senior staff the earnings on the NCUSIF will be around 2% in 2018/2019 </span><b><span style="color: #674ea7; font-size: large;">[because of that brilliant 10-year investment ladder strategy - remember!?]</span></b><span style="font-size: x-large;">. </span></span><span style="font-size: large;"><span style="font-size: x-large;">There are simply not enough investment earnings left -<i> </i><span style="color: #990000; font-weight: bold;"><i>after the NCUSIF earnings have been drained to maintain the NCUA budget</i> </span>- to maintain that 1.30% target ratio. </span></span><br />
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<a href="http://armstrongeconomics-wp.s3.amazonaws.com/2016/01/2017-1.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://armstrongeconomics-wp.s3.amazonaws.com/2016/01/2017-1.jpg" height="200" width="320" /></a></div>
<span style="font-size: large;"><span style="font-size: x-large;">Take a look at how this works out</span></span><span style="font-size: x-large;"> in 2017. Credit unions grew by about 8% in 2016 and will be sending in additional NCUSIF deposits (your 1% NCUSIF deposit) shortly. Here's an approximate example of how all that adds up - <b><span style="color: #741b47;"><i>based on NCUA staff projections:</i></span></b></span><br />
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<span style="font-size: x-large;">a) Current balance in NCUSIF: $13 billion</span><br />
<span style="font-size: x-large;">b) Add'l CU deposits for 8% growth: $ 800 million</span><br />
<span style="font-size: x-large;">($1 tril X 8% = $80 bil x 1%)</span><br />
<span style="font-size: x-large;">c) <i>"Excess"</i> investment earnings: <u>$ 60 million </u></span><br />
<span style="font-size: x-large;">d:) Total - NCUSIF in 2017: </span><span style="font-size: x-large;">$13.86 billion</span><span style="font-size: x-large;"> </span><span style="font-size: x-large;"> </span></div>
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<span style="font-size: x-large;"><b>So, the new NCUSIF equity ratio drops from 1.30% ($13bil/$1 trill.) to 1.28% ($13.86/$1.080 trill.)...</b> <b><span style="color: #741b47;">and gets worse in 2018, </span><span style="color: #990000;"><i>and yep</i></span></b><b><span style="color: #990000;"><i>... even worse in 2019...</i></span></b></span><br />
<span style="font-size: x-large;"><b><span style="color: #990000;"><i><br /></i></span></b></span>
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<span style="font-size: x-large;"><b><span style="color: #990000;"><i>THIS WILL NOT BE A ONE-TIME ASSESSMENT, FOLKS!!</i></span></b></span></div>
<span style="font-size: x-large;"><b><span style="color: #990000;"><i><br /></i></span></b></span>
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<tr><td style="text-align: center;"><a href="https://1.bp.blogspot.com/-7i5v_UPIiy0/UEgEpY1JE_I/AAAAAAAABHs/j3hSvQ1bHlQD9-bhkMvT2cPEap3VH_iowCPcB/s1600/purpleduck.png" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://1.bp.blogspot.com/-7i5v_UPIiy0/UEgEpY1JE_I/AAAAAAAABHs/j3hSvQ1bHlQD9-bhkMvT2cPEap3VH_iowCPcB/s1600/purpleduck.png" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;">Should I<br /><i>"FOIA" </i>this?</span></b></td></tr>
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<span style="color: #674ea7; font-size: x-large;"><b><i><br /></i></b></span>
<span style="color: #674ea7; font-size: x-large;"><b><i>Don't you wish the NCUA staff would level with you about what is coming?</i></b></span><br />
<span style="color: #674ea7; font-size: x-large;"><b><i><br /></i></b></span>
<span style="color: #990000; font-size: x-large;"><b><i><br /></i></b></span>
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<span style="color: #990000; font-size: x-large;"><b><i>...but you know what that would require...</i></b></span></div>
<span style="color: #990000; font-size: x-large;"><b><i><br /></i></b></span>
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<span style="color: #351c75; font-size: large;"><b>ACCOUNTABILITY - COMPETENCY - TRANSPARENCY</b></span></div>
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<b><span style="font-size: x-large;"><i><span style="color: #990000;"><u><br /></u></span></i></span></b></div>
Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com3tag:blogger.com,1999:blog-2330294340043347758.post-31783187312286557812017-01-09T05:30:00.000-05:002017-01-09T12:45:03.242-05:00Size Doesn't Matter...<br />
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<tr><td style="text-align: center;"><a href="http://news.nationalgeographic.com/content/dam/news/photos/000/637/63752.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="http://news.nationalgeographic.com/content/dam/news/photos/000/637/63752.jpg" height="213" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;"><i>Nice rack!</i></span></b></td></tr>
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<span style="font-size: large;"><b><span style="font-size: x-large;">Least most of us <i>"normal"</i> males hope so!</span></b></span></div>
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<span style="font-size: large;"><span style="font-size: x-large;">Probably a good time to stop and address the recurring reader comments which suggest that NCUA's budget should be compared to the budget of the FDIC, based on the asset size of credit unions vs banks examined.</span></span><br />
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<tr><td style="text-align: center;"><a href="https://www.nafcu.org/uploadedImages/wwwnafcuorg/Content/Legislative_and_Regulatory_Issues/Top_Issues/NCUA_Money_Watch/NCUA_Budget/Graph-NCUABudget-NumberFICUs.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="339" src="https://www.nafcu.org/uploadedImages/wwwnafcuorg/Content/Legislative_and_Regulatory_Issues/Top_Issues/NCUA_Money_Watch/NCUA_Budget/Graph-NCUABudget-NumberFICUs.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;">The number of credit unions continues to fall year after year.</span></b></td></tr>
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<span style="font-size: medium;"><span style="color: #741b47; font-size: x-large;"><b><br /></b></span></span></div>
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<span style="font-size: medium;"><span style="font-size: x-large;"><b><span style="color: #741b47;">WARNING: "ASSETS EXAMINED = EFFICIENCY"</span></b></span></span></div>
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<span style="font-size: medium;"><span style="font-size: x-large;"><b><i><span style="color: #990000;"> - AIN'T TRUE, </span><span style="color: #990000;">DON'T GO THERE!</span></i></b></span></span></div>
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<span style="font-size: medium;"><span style="font-size: x-large;">The thought being that since the FDIC spends substantially less<i> "per dollar of assets examined" </i>than the NCUA, then </span><b style="font-size: xx-large;"><span style="font-size: x-large;"><span style="color: #741b47;">the NCUA is obviously </span><i><span style="color: #990000;">"bloated, top-heavy, siloed, and inefficient"</span></i></span> </b><span style="color: #674ea7; font-size: large;"><b>[to quote Jim Nussle talking about CUNA -<i> btw, whatever happened with that?.</i>] </b></span></span><br />
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<span style="font-size: large;"><span style="font-size: x-large;">Let me suggest that<i> <b><span style="color: #990000;">"size truly doesn't matter" </span></b></i><b><span style="color: #990000;">- </span></b><span style="color: #4c1130;"><b><i>in fact, size generally doesn't matter at all</i></b></span> <b><span style="color: #741b47;">- in capturing the <i>"risk"</i> <u><i>profile of a credit union.</i></u> </span></b> Regulators examine to monitor the level of "risk" at an institution, not the volume of assets. Actually, it's pretty clear that the larger the credit union, the less likely the CU is to create a loss for the NCUSIF. The Agency's own data proves that fact:</span></span><br />
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<span style="font-size: large;"><span style="font-size: x-large;"><a href="https://2.bp.blogspot.com/-K22M55xL5RQ/UBiEOnpc8FI/AAAAAAAABA8/AUP5Zt-fbeY-smcRvvqHQJhXFbjy-2VtwCPcB/s1600/NCUAlosses.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="456" src="https://2.bp.blogspot.com/-K22M55xL5RQ/UBiEOnpc8FI/AAAAAAAABA8/AUP5Zt-fbeY-smcRvvqHQJhXFbjy-2VtwCPcB/s640/NCUAlosses.jpeg" width="640" /></a></span></span></div>
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<span style="font-size: x-large;">NCUA Board member Mark McWatters has pointed out on several occasions over the last year, that the vast majority of recent NCUSIF losses have arisen from fraud losses at smaller CUs,</span><br />
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<span style="font-size: x-large;"> where controls and compliance more frequently break down. But, before we <i>"run off half-cocked"</i>, do remember that <b><span style="color: #741b47;">less than 1% of all credit union assets are in credit unions rated "CAMEL 4&5", <i>less than "safe and sound"</i></span></b>. </span><br />
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<span style="font-size: x-large;">Small and large alike, credit unions pose little risk to the NCUSIF and no risk to the financial fabric of the Nation. <b><span style="color: #741b47;">But the NCUA is </span><i style="color: #741b47;">"in a bind"</i><span style="color: #741b47;"> structurally and budget-wise, as </span><i><span style="color: #990000;">the number</span></i><span style="color: #741b47;"> of credit unions continues to plummet.</span></b> </span><br />
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<span style="font-size: x-large;">Clearly if NCUA can't shift the budget dialogue to <b><span style="color: #990000;">"asset size = greater risk" </span></b>then the Agency will have to face the unpleasant task of reducing its budget to reflect <b>the statistical and economic reality that monitoring fewer, larger credit unions in</b></span><span style="font-size: x-large;"><b> an all electronic, cyber-digital world requires very few staff </b><span style="color: #741b47;"><b><i>- and not the staff which the Agency currently employs.</i></b></span></span><br />
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<span style="font-size: x-large;"><span style="color: #674ea7;">But facing up to the reality that:</span></span></div>
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<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;"><i>"ACT"?</i><br />- too scary!</span></b></td></tr>
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<span style="color: #990000; font-family: "verdana" , sans-serif; font-size: x-large;"><b> CU Asset Size ≉ NCUSIF Risk</b></span></div>
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<span style="color: #674ea7; font-family: "times" , "times new roman" , serif; font-size: x-large;"><b><i>... requires...</i></b></span></div>
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<span style="color: #674ea7; font-family: "times" , "times new roman" , serif; font-size: x-large;"><b><i><br /></i></b></span></div>
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<span style="color: #351c75; font-family: "times" , "times new roman" , serif; font-size: large;"><b>ACCOUNTABILITY - COMPETENCY - TRANSPARENCY</b></span></div>
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Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com3tag:blogger.com,1999:blog-2330294340043347758.post-256163280457756542017-01-09T05:00:00.001-05:002017-01-09T05:00:04.970-05:00Matter Of Fact...<div style="text-align: center;">
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<span style="font-size: x-large;"><b>"Things that matter most must never be at the mercy of things that matter least."</b></span></div>
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<b><span style="color: #990000; font-size: large;">- Goethe</span></b></div>
Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com0tag:blogger.com,1999:blog-2330294340043347758.post-32925226902485665102017-01-08T05:00:00.000-05:002017-01-08T05:00:01.986-05:00NCUA: Requests For Comments FOIA... Part 7.<span style="font-size: x-large;"><br /></span>
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<span style="font-size: large;"><span style="font-size: x-large;">Guess while we're looking at NCUA's senior staff presumptuousness with FOIA, might as well look at a classic example of </span><b><span style="color: #741b47;"><span style="color: #741b47; font-size: x-large;">why many folks </span><i><span style="color: #674ea7; font-size: large;">[like Dennis and Bill]</span></i><span style="color: #741b47; font-size: x-large;"> suggest its time for credit unions to ask that the NCUSIF be dissolved</span></span></b><span style="font-size: large;"><span style="font-size: x-large;"> and merged into the FDIC. </span><i><b><span style="color: #674ea7;">[But of course, let NCUA continue as the federal charter regulator and resize to live off its regulatory fee income.]</span></b></i></span></span><br />
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<span style="font-size: x-large;">Let's go back to the NCUA 2016 Chief FOIA Officer Report which we mentioned in <b><i>"FOIA... Part 6"</i></b> <a href="https://www.ncua.gov/Resources/Documents/FOIA/FOIA2016CFOReport.pdf"><span style="color: blue;">[here's the link]</span></a>. This time take a look at # 7. </span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="color: #990000; font-size: small;"><b>THE 2015/16 BRAIN TRUST AT NCUA...<br />ACCOUNTABLE - COMPETENT - TRANSPARENT?</b></span></td></tr>
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<span style="color: #444444; font-size: x-large;"><span style="color: #741b47;">As you will recall, the Chair of NCUA was handed her head in a hand basket at the infamous July, 2015 House Financial Services Committee hearing.</span><span style="color: #666666;"> </span><span style="color: #741b47;">Ne</span><span style="color: #741b47;">ver has a performance by an NCUA official</span><span style="color: #741b47;"> done so much to diminish so profoundly the reputation of the Agency - and all credit unions! The Chair is now gone and credit unions are very fortunate (cross your fingers for the future!) to still be around.</span></span><br />
<span style="color: #444444; font-size: x-large;"><span style="color: #741b47;"><br /></span></span>
<span style="color: #444444; font-size: x-large;"><span style="color: #741b47;"><span style="color: #444444;">The crux of that hearing was the painfully proved</span></span></span><br />
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<span style="color: #444444; font-size: x-large;"><span style="color: #741b47;"><a href="https://1.bp.blogspot.com/-shNLNcuS87A/UB6He0g3SiI/AAAAAAAABCE/hSBFI5Mo1s48x7XgMqlp8CG4pdPHehSywCPcB/s1600/askmeabout.tif" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="https://1.bp.blogspot.com/-shNLNcuS87A/UB6He0g3SiI/AAAAAAAABCE/hSBFI5Mo1s48x7XgMqlp8CG4pdPHehSywCPcB/s320/askmeabout.tif" width="182" /></a></span></span></div>
<span style="color: #444444; font-size: large;"><span style="color: #741b47;"><span style="color: #444444; font-size: x-large;"> fact that NCUA - </span><span style="color: #990000; font-size: x-large;"><b><i>with NCUA OGC complicity</i></b> </span><span style="color: #444444; font-size: x-large;">- inappropriately redacted -</span><b style="color: #444444;"><i><span style="font-size: x-large;"><span style="color: #990000;"> using FOIA as an excuse</span> </span></i></b><span style="color: #444444;"><span style="color: #444444; font-size: x-large;">- comments from a PriceWatterhouseCoopers report which simply suggested that NCUA improve its methodology and transparency in calculating the NCUSIF overhead transfer rate (OTR). </span><span style="font-size: large;"><b><span style="color: #674ea7;">[That idea was not exactly a </span><i><span style="color: #990000;">"trade secret"</span></i><span style="color: #674ea7;"> to anyone familiar with the Agency!]</span></b></span></span></span><span style="color: #674ea7; font-size: large;"><b> </b></span></span><br />
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<span style="color: #444444; font-size: x-large;"><span style="color: #741b47;"><b>How did NCUA justify substantially redacting that 2011 PWC report?</b></span></span><br />
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<span style="color: #444444; font-size: x-large;">Well again, it was possible because NCUA used its <i>"discretionary authority"</i> under the FOIA to withhold the information! But of course during the House Financial Services</span><br />
<span style="color: #444444; font-size: x-large;"> Committee bloodbath, the NCUA acknowledged that its FOIA redaction of the PWC report was inappropriate - right? That the information should have been public all along - right? That's what the Chair said under oath - right?</span><br />
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<span style="font-size: x-large;"><span style="color: #444444;"><span style="color: #444444;">So, let's drop back and look at what NCUA's Chief</span><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="color: #444444; float: right; margin-left: 1em; text-align: right;"><tbody>
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<tr><td class="tr-caption" style="text-align: center;"><b><i><span style="color: #990000; font-size: large;">Let credit unions eat it!</span></i></b></td></tr>
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FOIA officer says in her 2016 report (see link above) about the PWC report info on the OTR calculation. You'll note </span><span style="color: #741b47;"><b>that the release of the OTR info </b></span></span></span><span style="color: #444444; font-size: x-large;"><b><span style="color: #741b47;"><span style="color: #741b47;"><u><i>is cited </i></u>by the Chief FOIA Officer in # 7 <u><i>as an example(!)</i></u></span></span></b><span style="color: #444444;"> of NCUA graciously, willingly, and voluntarily(!)</span></span><span style="color: #444444; font-size: x-large;"><span style="color: #444444;"> using </span><i style="color: #444444;">"its discretion" </i><span style="color: #444444;">to let credit unions and the American public have access to information to which </span><span style="color: #444444;">we were never entitled! In other words,... </span></span><br />
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<b><i><span style="color: #990000; font-size: x-large;">The</span></i></b><b><i><span style="color: #990000; font-size: x-large;"> NCUA staff still claims it didn't have to release the information!</span></i></b></div>
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<b><i><span style="color: #674ea7; font-size: large;">[Perhaps NCUA felt coerced into being reasonable by the cocked gun Representative Mulvaney held to their head!]</span></i></b></div>
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<span style="color: #990000; font-size: x-large;"><b><i>Shucks, we just did it out of the goodness of our hearts folks.</i></b></span></div>
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<b style="text-align: center;"><i><span style="color: #674ea7;"><span style="font-size: large;"> [NCUA "FOIA discretion" is in fact NCUA </span></span></i></b><b style="text-align: center;"><i><span style="color: #674ea7;"><span style="font-size: large;">"FOIA arbitrariness".]</span></span></i></b><br />
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<span style="color: #990000; font-size: x-large;"><b><i>... and that entrenched attitude of arrogance</i></b></span><br />
<span style="color: #990000; font-size: x-large;"><b><i> is why some think they all may need "to go".</i></b></span><br />
<span style="color: #674ea7; font-size: large;"><b><i><span style="color: #674ea7;"><br /></span></i></b></span></div>
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<b><span style="color: #351c75; font-size: large;">ACCOUNTABILITY - COMPETENCY - TRANSPARENCY</span></b></div>
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Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com3tag:blogger.com,1999:blog-2330294340043347758.post-51229828785525830112017-01-07T05:00:00.000-05:002017-01-07T05:00:00.154-05:00NCUA: Request for FOIA Comments... Part 6.<br />
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<span style="color: #0b5394; font-size: x-large;"><b>THE FREEDOM OF INFORMATION ACT</b></span></div>
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<span style="color: #0b5394; font-size: x-large;"><b>(FOIA)</b></span></div>
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<span style="color: #741b47; font-size: x-large;"><b>AS ADMINISTERED BY THE NCUA IS PRESUMPTUOUS,</b></span></div>
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<span style="color: #990000; font-size: x-large;"><b><i>... IN THE WORST SENSE OF THE WORD!</i></b></span><br />
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<span style="font-size: x-large;">Let me give you an example. Why don't you check out the official 2016 NCUA Chief FOIA Officer Report (for calendar year 2015) <a href="https://www.ncua.gov/Resources/Documents/FOIA/FOIA2016CFOReport.pdf"><span style="color: blue;">[here's the link]</span></a>. <b><span style="color: #741b47;">Take a look in particular at item # 4. </span></b></span><br />
<span style="font-size: x-large;"><b><span style="color: #741b47;"><br /></span></b></span>
<span style="font-size: x-large;">First before we proceed, you should understand three concepts: 1) the FOIA defines eight specific categories of information which are exempt from disclosure - <b><i><span style="color: #990000;">all else should be published</span></i></b> - <a href="https://www.ncua.gov/Resources/Documents/FOIA/FOIA-Regulation.pdf"><span style="color: blue;">[here's the list: see 792.11, particularly #8]</span></a>, 2) the FOIA provides the NCUA with broad discretionary authority<b><span style="color: #990000;"><i> to release</i></span></b> or not release information even that falls within those eight exemptions, and 3) <b><span style="color: #990000;">the FOIA anticipates </span><i><span style="color: #990000;">"the presumption of openness".</span> </i></b><i> </i></span><br />
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<span style="font-size: x-large;">Congress and the President have encouraged the NCUA (and other departments and agencies) to use a <b><span style="color: #a64d79;">"presumption of openness"</span></b> when considering whether or not to publish information. <b><span style="color: #741b47;">In other words, the right of the people to know should be paramount.</span></b> </span><br />
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<span style="font-size: x-large;">NCUA claims to follow this mandate on openness (see # 4 in the Chief Officer's Report): "NCUA follows the Attorney General's FOIA Guidelines encouraging agencies to make discretionary disclosures when information technically falls within an exemption... The Chief FOIA <b><span style="color: #741b47;"><span style="color: #741b47;">makes the determination if discretionary release is appropriate, </span><i><span style="color: #990000;">after considering the applicable interests and determining the interests served by disclosure outweigh other relevant interests.</span></i></span></b><span style="color: #990000;"><i>"</i></span></span><br />
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<span style="font-size: x-large;"><span style="color: #741b47;"><b><span style="color: #741b47;">Also take a look at the expectations of the U.S. Department of Justice</span></b> as to how the <b><span style="color: #990000;">"presumption of openness"</span></b> is to be interpreted and implemented;<a href="https://www.justice.gov/oip/blog/foia-post-2009-creating-new-era-open-government"> <span style="color: blue;">[Here's the link - scroll down to the "Summary"].</span></a> Pretty clear - <b><i><span style="color: #990000;">"What can I release?"</span></i></b>; <b><i><span style="color: #990000;">".. not withheld merely because they fall within an exemption"</span></i></b>; <b><i><span style="color: #990000;">"... make discretionary releases of records when possible."</span></i></b>; <b><i><span style="color: #990000;">"... strive to make partial disclosure.</span></i></b>" - isn't it?</span></span><br />
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<span style="color: #741b47; font-size: x-large;"><b>Do you think the following NCUA FOIA response meets that spirit of</b></span></div>
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<span style="color: #990000; font-size: x-large;"><b><i> "presumption of openness"?</i></b></span></div>
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<span style="font-size: large;"><span style="color: #741b47;"><b style="color: #674ea7;"><i><span style="font-family: "verdana" , sans-serif; font-size: x-large;">... or is simply presumptuous?</span></i></b></span></span></div>
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<span style="font-size: large;"><span style="color: #741b47;"><b><span style="color: #990000; font-size: large;">ACCOUNTABILITY - COMPETENCY - TRANSPARENCY</span><span style="color: #674ea7; font-size: x-large; font-style: italic;"> </span></b></span></span></div>
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Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com0tag:blogger.com,1999:blog-2330294340043347758.post-17921058222806241372017-01-06T05:00:00.000-05:002017-01-06T19:58:34.499-05:00NCUA: Requests For Comment On FOIA... Part 5.<span class="Apple-style-span" style="font-size: x-large;"><b><br /></b></span>
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<span class="Apple-style-span" style="font-size: large;"><span style="font-size: x-large;">Lots of folks believe that reform at the NCUA is a pipe dream, just not possible. But with the prospect of a new Chair, personally I still have great hopes for fundamental, positive changes at the Agency - <b><i><span style="color: #990000;">and soon! </span></i></b>The changes required, however, are not incremental tweaks, they are<b><span style="color: #741b47;"> a complete </span><span style="color: #990000;"><i>"about face"</i> </span><span style="color: #741b47;">in terms of </span></b></span><b><span style="font-size: large;"><i><span style="color: #674ea7;">[you guessed it!]</span><span style="color: #990000;"> </span></i></span></b><span style="color: #990000; font-size: x-large;"><b>accountability, competency, and transparency.</b></span></span><br />
<span class="Apple-style-span" style="font-size: large;"><span style="color: #741b47; font-size: x-large;"><b><br /></b></span></span>
<span class="Apple-style-span" style="font-size: large;"><span style="font-size: x-large;">In "FOIA... Part 4" offered up an easy test for the current NCUA Board leadership to demonstrate its commitment to a new day at NCUA - <b><span style="color: #741b47;">simply tell credit unions and the American public what internal changes were made at the Agency to prevent the repeated misuse of FOIA by the NCUA staff </span></b> <a href="http://jimblaineoncreditunions.blogspot.com/2017/01/ncua-requests-for-comment-on-foia-part-4.html#more"><span style="color: blue;">[here's the link]</span></a> as acknowledged under </span></span><span style="font-size: x-large;">oath at the House Financial Services Committee on July 23, 2015.</span><br />
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<span style="font-size: x-large;">Here's a description from the FDIC leadership of why reestablishing trust at the NCUA is so important. While Mr. Hoenig is chastising our friends over in the banking industry... <b><span style="color: #990000;">the same <i>"reputational damage"</i> has occurred - <i>and continues to exist</i> - at the NCUA:</span></b></span><br />
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<span class="Apple-style-span" style="font-size: large;"><b>"In a stern critique of the banking industry, FDIC board member Thomas Hoenig said in a recent speech that bankers do not fully appreciate the public's rebuke of the industry. "It is alarming that some CEOs of some financial firms <span class="Apple-style-span" style="color: #990000;"><i><span class="Apple-style-span" style="font-family: "verdana" , sans-serif;">fail to grasp why they are trusted so little nor appreciate the reputational damage they caused</span></i> </span>their industry. </b></span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="color: #990000; font-size: large;"><b><i>B-oink! B-oink!</i></b></span></td></tr>
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<span class="Apple-style-span" style="font-size: large;"><b><span style="font-size: large;">They acknowledge very little offense in taking a public subsidy and squandering it in a series of actions that place billions of taxpayer dollars at risk." </span><span style="font-size: x-large;"> </span></b></span><br />
<span class="Apple-style-span" style="font-size: x-large;"><b><br /></b></span><span style="font-size: x-large;">Can you think of any <b><span style="color: #990000;"><i>"offensive" billion dollar squandering </i></span></b>that has occurred at the NCUA, that has opened them to <b><i><span style="color: #990000;">"public rebuke"</span></i></b>? </span><br />
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<span class="Apple-style-span" style="font-size: x-large;">Well, the<b> </b></span><span class="Apple-style-span" style="font-size: x-large;"><i style="color: #741b47; font-weight: bold;">WALL STREET JOURNAL </i><b><span style="color: #990000;">thought <i>"they smelled a rat"</i> at NCUA </span></b>over contingency legal fees when the bill was <i>"just $40 million"</i> <b><span style="color: #990000;">[note the date of the article -<i> 2012!!</i>]</span></b>:<i style="color: #741b47; font-weight: bold;"> </i></span><br />
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<span class="Apple-style-span" style="font-size: x-large;"><b><i><br /></i></b></span>
<span class="Apple-style-span" style="color: #741b47; font-size: x-large;"><b>"Nice Payday for Toxic Work"</b></span></div>
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<span class="Apple-style-span" style="font-size: x-large;"><b style="text-align: start;">(Oct. 24, 2012):</b></span><br />
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<span class="Apple-style-span" style="font-size: x-large;"><b>The article describes an apparent <i>"insider deal" </i>by NCUA for legal services in connection with lawsuits involving the corporates. The law firms were hired on a contingency fee basis netting around $40 million. <span class="Apple-style-span" style="color: #741b47;">A 2007 Executive Order <i>"prohibits federal agencies from entering into these arrangements with outside attorneys."</i></span></b></span></div>
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<span class="Apple-style-span" style="font-size: x-large;"><b><i>"A Justice Department spokeswoman said that officials were unaware of any other federal agency that has outside firms on contingency fee contracts."</i></b></span></div>
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<span class="Apple-style-span" style="font-size: x-large;"><b><i><span class="Apple-style-span" style="color: #741b47;">"The Federal Deposit Insurance Corp. generally avoids contingency fee </span></i></b></span><span class="Apple-style-span" style="font-size: x-large;"><b><i><span class="Apple-style-span" style="color: #741b47;">arrangements, an FDIC spokesman said."</span></i></b></span></div>
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<span class="Apple-style-span" style="font-size: x-large;"><b>Mr. John Ianno, NCUA's associate general counsel, said in the article that <span style="color: #990000;">the process of selecting the firms wasn't public, other firms were not interviewed, and that <span class="Apple-style-span" style="color: #741b47;"><i>"the Agency doesn't have to follow the Executive Order because it is an independent agency..."</i></span></span></b></span></div>
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<span class="Apple-style-span" style="font-size: x-large;"><b><i>... and inexplicably the NCUA, to quote Mr. Hoenig: <span style="color: #990000;">...</span><span style="color: #990000;"> </span><span class="Apple-style-span" style="color: #990000; font-family: "verdana" , sans-serif;">"fails to grasp why they are trusted so little nor appreciate the reputational damage they caused..."</span></i></b></span><br />
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<span class="Apple-style-span" style="font-size: large;"><span class="Apple-style-span" style="color: #674ea7; font-family: "verdana" , sans-serif; font-size: large;"><b>So, here's a second, public "FOIA request" for the NCUA Board: Please vote to publish those legal agreement contracts at the January 19, 2017 meeting. </b></span></span><br />
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<span class="Apple-style-span" style="font-size: large;"><span class="Apple-style-span" style="color: #990000; font-family: "verdana" , sans-serif; font-size: large;"><b>ACCOUNTABILITY - COMPETENCY - TRANSPARENCY</b></span></span></div>
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Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com9tag:blogger.com,1999:blog-2330294340043347758.post-4917972575777312212017-01-05T05:00:00.000-05:002017-01-05T05:00:14.517-05:00Rants And Raves…. Hot Off The Press!<span style="color: #741b47; font-size: x-large;"><b><br /></b></span>
<span style="color: #741b47; font-size: x-large;"><b>IN THE LOCAL NEWS:</b></span><br />
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<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-family: "verdana" , sans-serif; font-size: large;"><i>Fat chance !</i></span></b></td></tr>
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<b>* Still hoping that the police in Bakersville can step away from the donut box long enough to enforce some traffic laws.</b></span><br />
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<b><span style="font-size: x-large;">* God will judge step-mothers.</span></b><br />
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<b><span style="font-size: x-large;">* January is National Train Your Dog Month. Just sayin'.</span></b><br />
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<b><span style="font-size: x-large;">* When you see a political ad on TV you might as well consider it a lie, it most likely is.</span></b><br />
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<b><span style="font-size: x-large;">* Crisp's Asphalt Paving Co. - Now Offering Hot Crack Sealing!<i> Free Estimates.</i></span></b><br />
<b><span style="font-size: x-large;"><br /></span></b>
<span style="font-size: x-large;"><b>* If you're gonna be low down enough to steal from other people, try not to let anyone see you.</b><b><br /></b>
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<b><span style="font-size: x-large;">* Some of the people who move here think that folks whose families have lived here for years aren't near as smart as them. Well least we were smart enough to get here first.</span></b><br />
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<b><span style="color: #351c75; font-size: x-large;">And the "you'll only find this sort of quality put down moment" in a </span></b><b><span style="color: #741b47; font-family: "verdana" , sans-serif; font-size: x-large;"><i>hometown newspaper</i></span><span style="color: #351c75;"><span style="font-size: x-large;">...</span></span></b></div>
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<b><span style="font-size: x-large;">* Go to any restaurant round here and sit a bit. Bet you'll find that the dumbest person always has the loudest voice. So why don't you tone it down a little?</span></b><br />
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<b style="font-size: xx-large;"><br /></b>Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com0tag:blogger.com,1999:blog-2330294340043347758.post-74368534416282423722017-01-04T05:00:00.000-05:002017-01-04T05:00:27.468-05:00Send In The Clowns...<div style="text-align: center;">
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<span style="color: #741b47; font-family: "verdana" , sans-serif; font-size: x-large;"><b>"If you don't run your own life, somebody else will."</b></span></div>
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<span style="font-family: "verdana" , sans-serif; font-size: large;"><b>- John Atkinson</b></span><br />
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<span style="color: #351c75; font-family: "verdana" , sans-serif; font-size: x-large;"><b><i>…and you'll find lots of foolish folks out there, very ready to help you with that !</i></b></span></div>
Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com1tag:blogger.com,1999:blog-2330294340043347758.post-13930679611662999202017-01-03T05:00:00.001-05:002017-01-03T08:37:39.811-05:00NCUA: Requests For Comment on FOIA... Part 4.<br />
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<span style="font-size: x-large;">Hope you will take a look at the comment submitted on <i style="font-weight: bold;">"NCUA FOIA... Part 3" </i>of this series <a href="http://jimblaineoncreditunions.blogspot.com/2016/12/ncua-request-for-comments-foia-part-3.html"><span style="color: blue;">[here's the link]</span></a>, it poses some appropriate questions: <b><span style="color: #741b47;">"What's the problem with NCUA FOIA? What information are you not receiving that you asked for?</span></b><i><b><span style="color: #990000;"> Define the issue!"</span></b></i></span><br />
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<span style="font-size: x-large;">In response, I would ask you to review <b><span style="color: #741b47;">the post below, which is a recap of Congressional testimony given by the Chair of NCUA last year on the use of FOIA at the Agency. </span><span style="color: #674ea7;"><i>[simply play the video if you have doubts!] </i></span></b></span><br />
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<span style="font-size: x-large;"><b style="color: #990000;">"What's the problem with NCUA FOIA?"</b> You mean other than the admitted misuse of FOIA by NCUA, the admitted lack of internal review and controls at NCUA over the use of FOIA, the admitted involvement of the NCUA OGC in the misuse of FOIA, the admitted <i>"cluelessness"</i> of the Board Chair <i>(and presumably the entire NCUA Board) </i>on the misuse of FOIA, and the shaming of the entire credit union movement by the admitted mockery and disdain of FOIA by the NCUA? </span><br />
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<span style="color: #990000; font-size: x-large;"><b>"Define the issue</b></span><span style="font-size: x-large;"><b><span style="color: #990000;">?" </span><span style="color: #741b47;">The issue is not FOIA; <i>the issue is the NCUA. </i></span></b> And its repeated, egregious lack of...</span><br />
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<span style="color: #351c75; font-size: large;"><b>ACCOUNTABILITY - COMPETENCY - TRANSPARENCY </b></span><span style="font-size: x-large;"> </span><b style="color: #990000;"> </b></div>
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<span style="color: #990000; font-size: x-large;"><b>HERE'S THE PRIOR POST:</b></span></div>
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<span style="color: #674ea7; font-size: large;"><b>[The testimony was before the House Financial Services Committee on July 23, 2015]</b></span></div>
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<tr><td class="tr-caption" style="text-align: center;"><b><span style="color: #990000; font-size: large;">Oh! Gee! See...</span></b></td></tr>
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<span style="font-size: x-large;">Would someone please ask NCUA's General Counsel (OGC), preferably under oath, why he felt it necessary to redact the Executive Summary of the 2011 PriceWaterhouseCoopers (PWC) study of the Overhead Transfer Rate? Was it bad law or just bad judgment? Assume the OGC agrees with his boss, the NCUA Chair, that he didn't know what he was doing.</span></div>
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<span style="font-size: x-large;">Not trying to be harsh. In some important positions, you are entitled to make repeated mistakes. Can't think of any right off hand, but anyway... Just following up on what Chair Matz told the House Financial Services Committee, under oath. Here take a look for yourself:</span></div>
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<span style="color: #990000; font-size: x-large;"><b>[... it starts at @ minute 2:40]</b></span></div>
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<span style="font-size: x-large;"><b><span style="color: #351c75;"><i>Or here follow the purple duck...</i></span></b></span></div>
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<span style="font-size: x-large;"><b>3:47 Rep. Mulvaney: "Who made the decision to redact the 2011 report before it went up on the website...?</b></span></div>
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<span style="color: #674ea7; font-size: x-large;"><b>3:54 Ms. Matz: "Our General Counsel's office."</b></span></div>
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<span style="font-size: x-large;"><b>3:56 Rep. Mulvaney: "Did you approve that decision?"</b></span></div>
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<span style="color: #674ea7; font-size: x-large;"><b>3:58 Ms. Matz: "I wasn't aware of it."</b></span></div>
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<span style="font-size: x-large;"><b>4:00 Rep. Mulvaney: "Do you believe that information to be a trade secret?"</b></span></div>
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<span style="color: #674ea7; font-size: x-large;"><b>4:01 Ms. Matz: "I don't."</b></span></div>
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<span style="font-size: x-large;"><b>4:05 Rep. Mulvaney: "By the way, the irony of redacting something which asks you to be more transparent..."</b></span></div>
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<span style="color: #674ea7; font-size: x-large;"><b>4:08 Ms. Matz: "Yes, I got the irony."</b></span></div>
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<span style="font-family: "verdana" , sans-serif; font-size: large;"><span style="color: #990000; font-family: "verdana" , sans-serif; font-size: large;"><b>[As to transparency, most folks are pretty sure </b></span><b style="color: #990000;"><i>"NCUA doesn't get it"</i> - irony or otherwise.]</b></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: x-large;"><b><span style="color: #741b47;"><span style="color: #444444;">Wouldn't an appropriate first step on "</span><span style="color: #444444;">FOIA</span></span></b></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: x-large;"><b><span style="color: #741b47;"><a href="http://www.trbimg.com/img-56c67a52/turbine/dp-nws-ga-foia-20160106" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://www.trbimg.com/img-56c67a52/turbine/dp-nws-ga-foia-20160106" height="179" width="320" /></a></span></b></span></div>
<span style="font-family: "times" , "times new roman" , serif; font-size: x-large;"><b><span style="color: #741b47;"><span style="color: #444444;"> COMM</span></span><span style="color: #444444;">ENTS" be for the NCUA Board</span></b> </span><span style="font-family: "times" , "times new roman" , serif; font-size: x-large;"><span style="color: #990000;"><b><i>- given this admission under oath before Congress -</i></b></span><span style="color: #741b47;"> </span></span><span style="font-family: "times" , "times new roman" , serif;"><b><span style="color: #741b47; font-size: x-large;">to publicly disclose</span><span style="color: #674ea7; font-size: large;"><i><span style="color: #741b47;"> </span><span style="color: #674ea7;">[the January Board meeting would be a timely forum!]</span></i></span><span style="color: #444444; font-size: x-large;"> </span><span style="color: #666666;"><span style="color: #741b47; font-size: x-large;">what steps have been taken within the Agency to assure the public that FOIA will be honestly and legally implemented within the NCUA?</span><span style="color: #741b47; font-size: x-large;"> </span></span><span style="color: #674ea7; font-size: large;"><i>[Why should citizens file FOIA requests, if they can't be certain NCUA will follow the law?]</i></span></b></span><br />
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<tr><td class="tr-caption" style="text-align: center;"><b><i><span style="color: #990000; font-size: large;">I'm FOIA!</span></i></b><br />
<b><i><span style="color: #990000; font-size: large;">Not agin ya -</span></i></b><br />
<b><i><span style="color: #990000; font-size: large;">promise!</span></i></b></td></tr>
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<b><span style="color: #674ea7; font-family: "times" , "times new roman" , serif; font-size: large;">IF IT HELPS, JUST CONSIDER THIS AS A FORMAL FOIA REQUEST TO THE NCUA BOARD - OK?</span></b></div>
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<span style="color: #990000; font-family: "times" , "times new roman" , serif; font-size: large;"><b>[Another chance to<i> "ACT"</i>!]</b></span></div>
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Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com1tag:blogger.com,1999:blog-2330294340043347758.post-52885106178580935772017-01-02T05:00:00.000-05:002017-01-02T07:55:59.085-05:00In Full Support of the American Bankers' Association...<br />
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<span style="color: #990000; font-family: "verdana" , sans-serif; font-size: x-large;"><b>"If you act like a bank, you should be treated like a bank.</b>"</span></div>
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<span style="color: #0b5394; font-size: large;"><b>- the ABA on Credit Unions</b></span></div>
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<span style="color: #351c75; font-size: x-large;"><b>Finding that to be a profoundly acute, philosophical statement, </b></span><b style="font-size: xx-large;"><i><span style="color: #990000;">I would go further and add...</span></i></b></div>
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<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-YFysUlkwg8U/TachonzvgoI/AAAAAAAAAGQ/Y6giLiCgOm4/s1600/Pigfence.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="160" src="https://1.bp.blogspot.com/-YFysUlkwg8U/TachonzvgoI/AAAAAAAAAGQ/Y6giLiCgOm4/s200/Pigfence.jpg" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #351c75; font-size: large;"><b><i>Don't Act Like A Hawg !!</i></b></span></td></tr>
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<span style="color: #741b47; font-size: x-large;"><b><br /></b></span>
<span style="color: #741b47; font-size: x-large;"><b><span style="color: #741b47;">"If you act like a bank, you should be treated like a bank... </span></b></span><br />
<span style="color: #741b47; font-size: x-large;"><b><span style="color: #990000;"><i>... reprimanded, punished and jailed."</i></span></b></span><br />
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Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com0tag:blogger.com,1999:blog-2330294340043347758.post-54760874938175278482017-01-01T05:00:00.000-05:002017-01-01T05:00:16.058-05:00Mama Told Me Not To...<div class="separator" style="clear: both; text-align: center;">
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<span style="color: #351c75; font-family: "verdana" , sans-serif; font-size: x-large;"><b><i>A RUDE AWAKENING FOR MANY !</i></b></span><br />
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<span style="color: #351c75; font-family: "verdana" , sans-serif; font-size: x-large;"><b><i>ANNO DOMINI 2017...</i></b></span><br />
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<span style="color: #351c75; font-family: "verdana" , sans-serif; font-size: x-large;"><b><i><span style="color: blue;">HAP</span><span style="color: magenta;">PY N</span><span style="color: lime;">EW Y</span><span style="color: red;">EAR!</span></i></b></span><br />
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<b style="font-family: verdana, sans-serif;"><i>Be at war with your vices, at peace with your neighbors, and let each new year find you a better person."</i></b></div>
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<span style="color: #990000; font-family: "verdana" , sans-serif; font-size: large;"><b><i>- Benjamin Franklin</i></b></span><br />
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<b><span style="color: #990000; font-size: large;"><i>LIVE WELL, LAUGH OFTEN, LOVE MUCH IN 2017!</i></span></b></div>
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Jim Blainehttp://www.blogger.com/profile/15231738536629398905noreply@blogger.com0