Readers React to OSCUI Attack
Stuart Perlitsh, president/CEO of the $336 million Glendale Area Schools Federal Credit Union in California, wrote a Letter to the Editor criticizing NCUA spending on its Office of Small Credit Union Initiatives and questioning its return on investment. It was in our April 16 print edition, or you can read it online at CUTimes.com/OSCUIQuestions.
Perlitsh's letter elicited replies from a number of readers. In addition to the Letter to the Editor printed above, we’ve included some of comments below readers posted on our website:
From Don Oliver:
As one of those credit unions receiving the benefit of the NCUA programs, we appreciate the efforts and support of the NCUA. When I first started with credit unions, we had little support and fewer regulations. I think and statistics will show that size has little to do with failure.
It is interesting that some of the largest failures have been with credit unions that have greater resources. Let's not forget who credit unions were founded to serve. It was neither the rich nor those with great resources. I applaud the NCUA for getting back to basics and recognizing the needs and support for smaller credit unions. Big with resources is not necessarily better. Banks have a similar problem forgetting their purpose. I pray that we do not fall into that trap.
I could not agree more. OSCUI is a joke agency within a joke agency that offers little other than cushy employment for some folks who should be pushing brooms. I have dealt with OSCUI directly and it was a waste of time; they offer the most basic advice which should have already been attempted by anyone with a brain prior to contacting this agency. Do people really believe NCUA cares at all about small credit unions surviving after they ban home-based credit unions due to examiner safety? Please. Get a clue, folks, and start addressing the real problems that face credit unions – that being the NCUA along with the litany of alphabet agencies that crush credit unions daily. If you think there will be any credit unions under $10 million in the next five years, you are either kidding yourself or stupid. It's not part of the plan, folks, so get over it. This is just another way to waste funds while trying to appear concerned for something they loathe. I fully expect to see all credit unionsunder $10 million consolidated within the next five years.
From steff willis:
As always Mr. Perlitsh gets my vote for pointing out the folly that the NCUA calls assistance. My favorite nonsense was the statement in the small credit union workshop that examiners were required to use large credit union exam standards on small shops thru 2015 just because national hadn't given the green light.