When Is NCUA Held Accountable?

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Was just reading "Corps or Corpse? Analysis Claims NCUA's Actions Harmful" [Jan. 17]. What I don't understand is, if it is true that the NCUA regulators were on sight during the investment-buying binge at Wescorp in 2005 and 2006, why aren't they being held accountable as well? When they come to my credit union, the first thing they want to see is the ALM, investment and lending policies, and then go in the back room and write down everything that is wrong with them. Let alone what we did that was outside the policies.

So with the stakes so high, and the closeness to Wescorp, I just don't get how NCUA missed this as well as ALCO and the board? Further to the point, why have no heads rolled at NCUA all the way to the top? Perhaps they just got reshuffled in the mix to hide their sins, and life goes on. As credit union CEOs, haven't you had enough?

Thomas L. Richardson, CEO
Oakland Municipal CU
Oakland, Calif.

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