A Credit Union Times "At Press Time" story quotes NCUA Chairman Norm D'Amours as saying the reason that there was an FCU charter erosion "is the result of lowered state charter standards." The quote continues by adding: "The problem's roots are in the NCUA's granting of overlaps and expansions without concern even for safety and soundness, and the states' granting broader and broader fields of members attenuating the common bond." The quote seems to suggest that the blame for the problems faced by FCUs is laid, in part, on the state system. While NASCUS regulator members and NASCUS Credit Union Council members sympathize with the plight of many FCUs, the logical extension of that thinking is to fix the FCUs problems by giving SCUs the same problems. That rhetoric doesn't do a thing to fix the problem for FCUs and it's time to cut it out. Instead the federal regulator of FCUs and the trade associations need to get together to fashion a fix for the ills that face the FCUs. Doug Duerr President/CEO NASCUS
Call a spade a spade
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