HARTFORD, Conn. –The decibel of name-calling and recrimination about the corporate system needs to give way toward reasoned approaches on insurance fund recapitalization, according to the state’s top regulator, Howard Pitkin.
“I don’t envy the position of NCUA for a minute since no matter what they do somebody’s going to get mad, but it seems to me the time for yelling and screaming is over and we need to get down to talk about ways to fix the problem,” observed Bank Commissioner Howard Pitkin.
Pitkin, a featured speaker earlier this week at a legislative conference of the Connecticut Credit Union League, said one of his biggest concerns “from this very big problem” now being faced by NCUA and the industry is “the role credit unions play in the economy in providing consumer loans” as the nation appears headed into a deep recession.
“Credit unions are close to Main Street and are critically important,” said Pitkin stressing the need to “provide encouragement” while still engaged n the critical task of replenishing the insurance fund.
“Everybody is interested in seeing to it that the insurance funds are recapitalized but the question is how the NCUA will do it and under what authority,” said Pitkin.