LAS VEGAS-At the same time as the surprise return of Dave Rhamy as CEO of Silver State Schools CU less than a week after announcing his resignation, the Las Vegas Review-Journal suggested in one report that NCUA Chairman Deborah Matz had been critical of private share insurance.
Silver State Schools is one of four Nevada credit unions whose member deposits are insured by Dublin, Ohio-based American Share Insurance.
The newspaper cited remarks made by Matz during a Credit Union Executives Society (CUES) meeting in Palm Desert, Calif. in early December. "If ASI, if one of their large credit unions fails, and they don't have the capital to pay out, those (credit union) members will not have their funds protected," Matz said in response to a question from the audience.
Later, in response to another audience question regarding whether federally insured credit unions might exit the NCUSIF due to ongoing special assessments in favor of ASI's coverage, Matz said, "Any credit union can do that at any time. I would advise them to check ASI's website carefully and look carefully at their financials before making a decision. It would be a serious disservice to their members.
A spokesperson for NCUA confirmed to Credit Union Journal that the quotes are accurate, but stressed Matz's remarks were in response to a general question and were not specifically about a particular credit union or state.
The Las Vegas Review-Journal quoted Adams as saying in response to the NCUA Chairman's comments, "Deborah Matz has never walked in the door of this institution. How would she know?"
