Oe and a half million North Carolinians, who are members of State Employees' Credit Union, have $175 million on deposit at the NCUA with the NCUSIF. This deposit is owned by SECU members and is fully refundable. SECU carries that $175 million on its financial statements as an asset and has a full fiduciary responsibility to our members for that asset.
From the Federal Credit Union Act: "1783 (b) All deposits and premium charges for
insurance paid pursuant to the provisions of section 202 of this title and all fees for examination and all penalties collected by the Board under any provision of this title shall be deposited in the National Credit Union Share Insurance Fund. The Board shall report annually to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives with respect to the operating level of the fund. Such report shall also include the results of an independent audit of the fund."
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The required independent audits have not been published for 2008 or 2009.
At some point, a regulator and a government which will not abide by the law cannot expect to enforce the law.
Jim Blaine
President
SECU
Raleigh, N.C.
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