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From the May-20, 2009 issue of Credit Union Times Magazine • Subscribe!
Where's NCUA Mea Culpa?
To burden credit unions with the cost of funding NCUA's Stabilization Plan during a recession merits comment.
The gnawing question is why should those credit unions who have managed well take a hit because large corporates unwisely went overboard in investing in risky mortgage- based on securities? Nor is the NCUA blameless. As far back as 2003, mortgage-based securities made up 30% or more of some corporate portfolios. In its oversight responsibility, the NCUA should have raised a risk flag at that time. It did not. Where is the mea culpa?
It is not a time for credit unions to accommodate assessments. That does not bode well for credit unions members who must foot the bill for an assessment that is almost predatory.
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