Editor's Note: the following letter was written in response to NCUA's announcement that it will allow CUs to spread the cost of the corporate stabilization plan over seven years.
I hope the NCUA Board didn't scrape this off their boardroom wall without getting some agreement from Congress beforehand.
Of late, they seem to be running in every direction at once, quickly getting nowhere, and looking for the goal line to come out and bite them. The irony is NCUA has a sizeable team of 90 million interested and experienced players capable of running this issue right at the goal line — if we have the facts and agree on the goal. This quarterback, however, doesn't seem to like playing team ball and may be facing yet another sack, from several directions.
Those of us in Illinois who have experienced a string of uncooperative public quarterbacks in recent years have come to ask: "What were they thinking?"
Our answer, of course, has been: "Absolutely nothing!" And we trade them.
Michael Dillon
CEO
South Division Credit Union
Evergreen Park, Ill.
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