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| Mr. McHenry |
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| Nice work! |
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| VA - roooom! |
So what would a normal, reasonable person do in this ever evolving self-inflicted, political disaster? Quit while you're behind - right? Well no, Chair Matz decided to "double-down" and write another
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| No noose is good noose! |
Again, the key burning issue, for most credit unions in the RBC rule, is the "individual minimum capital requirement" (IMCR), which gives the increasingly erratic leadership of the NCUA unlimited, capricious authority to single out and persecute any credit union - without appeal nor due process provisions.
Chair Matz has taken up the IMCR issue at several different venues, including the listening sessions and in her letters to Representatives McHenry and Hensarling, protesting that the proposed IMCR rule does in fact include full, independent appeal rights for every persecuted credit union through NCUA's Ombudsman. Here's the exact wording from the proposed RBC rule:
747. 2006: Review of order imposing IMCR
"9) Ombudsman. A credit union may request in writing the recommendation of NCUA's ombudsman to modify or to not issue a proposed IMCR..."
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| We're always right! |
Well, it looks to me that Ms Matz is right! The proposed rigged-based capital (RBC) rule does in fact permit credit unions to appeal their persecutions through the existing NCUA Office of the Ombudsman process. So, I thought I'd venture over to the official NCUA website (www.ncua.gov - About NCUA/Org. Chart) and take a look at how the ombudsman works. Here's what I found...
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| The NCUA Hire-archy |
Sure enough there on the right is that master of appeals, the Ombudsman, high up on the ladder of responsibility at the NCUA! Clearly a position of importance, of power and influence! A mover and shaker, a force to be reckoned with at the Agency!
Thought I'd "drill down" to confirm the important status of the position by ''clicking through" on the Ombudsman's icon .... but here's the link below, why don't you check it out yourself...
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| Might make you feel better! (... then again!) |
NCUA's Office of the Ombudsman**(UPDATE!)
** Well folks, unfortunately you've missed it! In accordance with NCUA's stated standard operating procedures: "We don't know what's wrong unless you tell us." (.. the now infamous quote from the Alexandria Listening Session - 7/17/2014), there has been a miraculous change over at the NCUA.gov website. The Ombudsman is now real!*
* We do have a little screen shot for you just in case; and a little bit more discussion of the "ombudding process" as it applies to rigged-based capital - but that's for tomorrow. The good news is we're now safe and sound again!!
(Hey Agency folks, while you're at it: you might want to go ahead and make Director McWatters real, also!)
(Hint, Hint!)
15 comments:
OMG!!!!! Nothing else can be said. Get rid of these buffoons quick, please put us out of our misery. Congress, are you listening? Don't need to be paying all this money for such incompetent, inept leadership? (Can one call it leadership?) Time to stop wasting money and fold into the FDIC. Matz and friends are trying to do away with Credit Unions.
NCUA definitely missing in action.
Toooooooo much! It's laughable, but it's not funny anymore. Sad, sad excuse for representation of credit unions.
Something is unappealing about the IMCR proposed regulation!
Better take a screen shot quick before the spin machine gets going.
IMCR -the Incredible Matz Competency Rule.
Can't wait to see how the Queen spins this one. Hope CUT will ask her today at the Board meeting.
As to your NCUA stock, SELL111111
Now I understand why we're being required to write off 100% of our ncua deposit against RBC
The sad part is that Matz probably doesn't know that there is no such thing in her kingdom. One of her senior staff told her that is how the appeal process would go and she bought the non-existent ombudsman. I get an visual of Mel Blanc testifying on behalf of NCUA in front of Congress. My apologies Mr. Blanc!
I will repost my comment made on this site on May 5th. From personal experience:
I know based on personal experience that the agency is not there to answer to the people that are working at the places (Credit Unions) that are footing the bill for their bloated bureaucracy. You can email the various top staff at the NCUA and you will never get a response. When all else fails you can then email the Ombudsman, which is a most imaginative way to waste more CU money by creating the illusion that there is someone that can actually help to resolve an issue. The Ombudsman may email you back, however, the message will not come from any specific human, it will be a Wizard of Oz like behind the curtain response which will in effect tell you what the current rules are and that you should be following them whether they make sense or not – because they are the rules.
Good luck getting changes to anything once it is put in place, including the proposed risk based capital regulation. This agency that we are dealing is set up so that its staff, with the exception of the examiners on the front line, does not have to deal in any way with any human at a credit union.
This proves it once again, no leadership at all, just a bunch of Peter Principled reactionaries.
SOMEBODY SEND THIS MESS TO HENSARLING AND MCHENRY.
CUNA AND NAFCU GET OFF YOUR GD DUFFS AND DO SOMETHING!
The staff is the same crew that let the corporates blow up. Give Matz a break she's consistently misadvised and misinformed.
The guys in charge are all sorry bananas and do not get better with age.
The staff has thrown Matz under the bus so many times, that if she can't figure out where the problem is {Moe, Curly and Larry) then its her fault.
You can't fix stupid, but you can FIRE stupid!
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