If the collapse of credit union corporate exposed anything at all, it brought to light the dereliction of the NCUA's oversight responsibilities which played heavily on corporate failures.
What is galling, what is incomprehensible is that the NCUA has shown no remorse for its dereliction, rather it has had the audacity to rectify its failed oversight responsibility by imposing assessments that even healthy credit unions are hard pressed to cough up, assessments that couldn't come at worse time. By what tortured reasoning is there any justification to burden credit unions with payouts during a recession?
Credit unions are angry. Front and center is the NCUA's glaring inability to effectively monitor coporates. Its image has been tarnished and has left union unions simmering with resentment.
Arthur P. Lombardi
Board Member
Fort Campbell FCU
Clarksville, Tenn.
