Last week, a credit union vendor replied to my posting about Why Is WesCorp Still Open. While the person disagreed with my assumption that this failed corporate credit union should be closed, the credit union vendor did write something that I found very interesting and thought I would share.
"As an observation, I don’t believe the NCUA has the skill-set to adequately regulate corporates of any great size. Possibly a joint NCUA/FDIC approach would be worth considering. I do believe that corporates must meet higher standards of capital and investment oversight to be worthy of managing the asset levels anywhere near what they have in the past."
If NCUA does not have the skills to competently regulate large corporate credit unions, perhaps it is time for this agency to fade away.
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