One of the core principles in the U.S. Constitution is the notion that government should not take a citizen’s property without just compensation. Our country upholds the rights of people to own property without unnecessary government intrusion. If government were to unlawfully seize one’s property, it would be an offense to this basic democratic philosophy. This is precisely what I think could happen if the NCUA proceeds with its public position that credit unions’ rights to recoveries from written-off corporate investments will be extinguished.

Corporate credit unions are member-owned cooperatives. As such, the members have an inherent property interest in the net assets of the corporates. Investments held by corporates ultimately belong to the members of the corporate.

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Peter Westerman


Credit Union Times

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