NCUA right to protect NCUSIF
I read with interest the recent comments of Jerrie Lattimore, NASCUS Chairperson and Administrator of the North Carolina Credit Union Division. During NASCUS' Annual Conference, Mrs. Lattimore asserted that "NCUA uses insurance as an excuse to regulate state credit unions." I am not well positioned to determine the complete accuracy of Mrs. Lattimore's accusation. It has, however, served as food for thought, and though I haven't reached any productive conclusions, some interesting rhetorical questions have come to mind. What should NCUA do when they encounter troubling action or inaction by a state supervisory authority? Does a state supervisory authority that experiences material lapses in judgment merit the "benefit of the doubt" from NCUA? Or should NCUA step in to protect the NCUSIF when faced with situations similar to others that a state supervisory authority has handled inappropriately in the past? Our credit union does not always agree with the actions and requirements of the NCUA. But as a stakeholder in the NCUSIF, we are comforted by the knowledge that they are willing to ruffle feathers to protect the Fund - whether the bird is a credit union or state supervisory authority. In the state of North Carolina, the Administrator of the Credit Union Division is a political appointee. I suggest that we credit union volunteers and professionals keep our eyes on the ball - service to our members - while disregarding the inflammatory and counterproductive rhetoric of the politicians. Jeffery R. Jones President/CEO Freedom Federal Credit Union Rocky Mount, N.C.