I always enjoy reading Marvin Umholtz's monthlydissertation on credit unions and the financial services industry.More often than not he is on point with his views and offers a goodanalysis of issues. However, his letterto the editor in the June 17, 2015 edition of Credit UnionTimes contains a few statements that need to be corrected orclarified.

Mr. Umholtz is of the belief that during the corporate crisiscredit unions faced in 2008 and 2009, the U.S. Treasury was theguiding hand in crafting the solutions that ultimately preventedcountless natural person credit unions from failing.

Officials at the U.S. Treasury were without question extremelyhelpful in offering advice and counsel during that difficultperiod. Without their agreement to the steps the NCUA wanted to putin place to alleviate the crisis, and their assistance in loaningthe money requested, the credit union industry, as we now know it,would look a whole lot different.

I at times am critical of the actions the NCUA takes or how theypropose to correct a problem. But when their backs were up againstthe wall that critical year, staff at NCUA did not falter. In fact,when challenged, they developed and crafted unpresentedsolutions.

The need to involve the Treasury during the crisis enabled a newlight to be shed on the NCUA and the credit union industry. Theexistence of corporate credit unions no longer was known onlywithin the industry. They had gained the attention of Treasuryofficials.

Not having seen the long-standing agenda that allegedly existswithin the Treasury to reform and restructure the National CreditUnion Share Insurance Fund, it is hard to weigh what value it mayhave. Should such an agenda exist, not addressing it with Congressmay be preventing changes for the better.

Whatever the future holds for the NCUSIF, it should not beforgotten that the corporate crisis brought it to center stage andthe NCUA went to Treasury not only with the problem but thesolution as well. You never approach Treasury with one and not theother. The NCUA did this one right.

Michael E. Fryzel

Attorney

Chicago, Ill.