Big Losses At NCUSIF Raises Questions About NCUA Acting As Insurer
The Sept. 15 CU Journal Daily Briefing] article [Losses Mount At NCUSIF]noting the largest single-month loss for our fund has given me and should give all credit union's pause. It is long overdue for a reconsideration of the Regulator/Insurer role being played out by the same people? I have a lack of comfort when I realize that this money is so easily available to wipe out the problems when we are not appraised of the reasoning behind such actions. It is long overdue to demand that an independant, objective third party oversee these fund transfers to ensure that every effort is being made to mitigate these losses to our fund.
Only with a separation of these responsibilities can we be assured that our funds will be protected from collegial partnerships. If these losses continue (we must believe that they will) and our members money is being used in the bailouts, always to big credit unions, then we deserve reassurance that the dollars are justified and whenever possible recovered. This should be done immediately before credit unions receive their next invoice to supplement a declining fund.
CEO Unity CU
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