Missouri Association Expresses Angst Over NCUA Policies
The Missouri Credit Union Association joined its Pennsylvania peer in formally expressing angst over recent NCUA policies.
The association specifically hit on the insurance assessment, mergers and supervisory actions.
In a policy pronouncement adopted Aug. 20 by its board, MCUA said it seeks to relay Missouri credit union concerns about NCUA moves on the assessment timing.
The MCUA said it strongly urges the NCUA to use its "full statutory authority discremention and judgment to ease the financial burden and detrimental financial impact of the corporate stabilization assessment and share insurance assessment to credit unions by taking full advantage of the maximum time period allowed."
On mergers, MCUA said it has "concerns with merger processes and supervisory actions." Those actions were not spelled out in the MCUA statement.
A spokeswoman for MCUA, said the board adopted the resolution in line with a similar resolution on the assessment issue passed by the Pennsylvania Credit Union Association last month. That resolution, stating CUs need "time to catch our breath," also asked the NCUA to spread out the assessment expense considering the undue economic pain felt by the industry during the recession.