The NCUA has consistently swept its oversight failures beneath a rug woven with our members’ money. And, to add insult to injury, the NCUA simply shuffled the deck and some of the responsible parties have either showed up in different roles within the agency or been promoted. Now, if you or I had been as grossly negligent in running our CUs as the NCUA has been in the oversight of many failed CUs as well as our corporate network, we would have been forced to accept our fate and fall on our sword.

It is long overdue for the voices of credit union leaders to be heard in unison. We can no longer allow the NCUA the luxury of paying off its mistakes with our members’ money without any consequence. Therefore, I am one of many of you who have lent your signatures to a recent petition calling for greater congressional scrutiny of the NCUA. (More details from the petition can be found at www.ipetitions.com/petition/change-ncua-now.)

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Peter Westerman

 

Credit Union Times

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