Even if the NCUA is not disclosing comments made by credit unions and interested parties regarding its corporate assessment prepayment plan, First Entertainment Credit Union CEO Charles Bruen was not at all shy about sharing his letter addressed to NCUA Board Secretary Mary Rupp with the press.
“Although our credit union has no intention of participating in the voluntary prepaid assessments program, we fully support the idea and hope that many credit unions jump on board,” Bruen wrote very tongue-in-cheek.
“We admire credit unions that are willing to step up and make zero-interest loans to the NCUA-managed TCCUSF. Such charity is a creative variation on providing loans to those of modest means–in this case the NCUA,” he continued.
“Our credit union has no shame in sitting back and watching others financially support the Voluntary Prepaid Assessments Program while we enjoy whatever negligible short-term benefits that might come our way. If we are labeled free-riders, free-loaders, or even free-spirits, we will wear that badge with honor,” the letter read. “Regardless, we take comfort in the knowledge that our membership would applaud our decision to place their interests first. It is our fervent hope that the NCUA Board will devise similar plans that will transfer some of the burden associated with the corporate credit union crisis away from us and onto others.”
The NCUA has said it will not be publishing these comment letters to encourage free and open discussion.