NCUAs Matz: Tough Love Saved Hundreds Of CUs
WASHINGTON – NCUA Chairman Debbie Matz will tell attendees at CUNA Government Affairs Conference this morning that tough agency action to take over several big credit unions, including five failed corporates, was necessary to stem the spreading contagion that could have claimed hundreds of credit unions.
Matz will also say that the growing spending levels at the agency, a 12% increase last year and a 14% rise this year, are necessary for NCUA to make new hires and enact programs that will prevent further erosion of the industry going forward, according to source familiar with her speech.
Matz made similar claims while testifying before Congress last year, asserting that NCUA’s takeover of the five failed corporates may have saved as many as 1,000 credit unions.
Matz is scheduled to speak this morning at 9:45.