What Part Of 'Insured' Don't They Get?
Editor's note: this letter was written in response to "Views On Who Should Pay..." from the Dec. 6 edition of Credit Union Journal.
What part of 'insured' does NCUA not understand? When the corporates were taken over, NCUA insured 100% of the deposits. If the institution was not an insured institution-NCUA SHOULD HAVE CUT THEM A CHECK FOR $250,000 AND WISHED THEM A NICE DAY.
End of story...if NCUA could not assess...they should not pay above the required minimum amount. This is another example of NCUA acting first and then thinking about it later. How ironic that it was caused by NCUA's inaction in the first place.
Gregg Stockdale, CEO
1st Valley CU, San Bernardino, Calif.