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Blaine 10; NCUA 0

The article "Blaine Takes on NCUA" [CU Times, Jan. 12, page 1] was a great diversion from the never-ending snowstorms of late.

The article “Blaine Takes on NCUA” [CU Times, Jan. 12, page 1] was a great diversion from the never-ending snowstorms of late. Jim’s willingness to challenge regulatory authority concerning the safety and soundness of SECU’s capital position and the call for dialogue is the correct thing to do and should be applauded. If more credit union CEOs ran their institutions as SECU, there would be little cause to question capital positions. I do question Jim’s sale of a significant part of the investment portfolio just to make a point. Hopefully, there are some other benefits to members.

SECU does nothing fancy or short-term-minded as do many pretender CEOs. This alone should provide the regulator with comfort when it evaluates the capital adequacy of SECU.

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Peter Westerman

 

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