Regulators issue joint statement downplaying effect; CU Prosper CEO agrees.
Part of the fallout from the mortgage meltdown is the debate on what constitutes a qualified mortgage.
The article "Blaine Takes on NCUA" [CU Times, Jan. 12, page 1] was a great diversion from the never-ending snowstorms of late.
As treasurer/CEO of a small ($1.8 million assets, 500 members) credit union, I can wholeheartedly endorse many of the excellent
Credit Union Times ON AIR this week featured a variety of issues affecting credit union volunteers from education to volunteer/CEO relations to paying "volunteers."
If it ain't broke, don't fix it!" This celebrated chestnut causes more damage than good and delays calls for correction. It supports defective conclusions about the true effectiveness of what is seemingly unbroken.
The $808 million Arrowhead Central Credit Union's June 30 call reports, released by the NCUA July 22, show a $1.45 million net loss, primarily due to an increase in loan-loss provisioning from $6 million as of March 31 to nearly $19 million.
Former Lafayette Federal Credit Union CEO Bill Brooks said he thinks Arrowhead Central Credit Union's board should have filed a formal objection to the NCUA's June 25 conservatorship.
The March 31 Editor-in-Chief's column was a very gutsy and provocative piece. While I am not sure I agree with all of it, there are many issues raised that are critical for credit unions to address.