The chairman of American Share Insurance Corp., the Ohio-based credit union private insurer, reaffirmed the viability of the private system, as one "which is already shown to be working well" and yet the heated rhetoric over comparisons with NCUA is getting wearisome.
"I've already heard too much and I'm getting too old to get involved," confessed William Herring, the long-term elected head of ASI and president/CEO of the $80 million Cincinnati Central Credit Union.
Herring, a member of the CUNA Board and the son of the legendary industry pioneer Louise McCarren Herring, said he understands the concerns of ASI's own management and CU peers in Nevada and elsewhere about deep-seated feelings about preserving private insurance under pointed NCUA scrutiny.
And yet, "we've been down this road before," he said, and still the fact is the ASI management team is handling the Nevada crisis satisfactorily even as CUs undergo "a very difficult time." He expressed confidence troubled Silver State CU in Las Vegas, insured by ASI, can weather the difficulties perhaps with insurer assistance "just as we handled Cumorah," a reference to the October collapse of that Las Vegas CU.
In public comments, Silver State CEO David Rhamy has made no mention about seeking an out-of -state suitor, a phenomenon which befell the $147 million Cumorah now run by Credit Union 1 of Rantoul, Ill, also an ASI client. Until Dec. 18 and his sudden Silver State resignation and subsequent reinstatement, Rhamy had also been a member of the CUNA Board. CUNA has since taken steps to elect a Rhamy replacement.