Another April 1st has passed and NCUA has once again missed its deadline for publishing its Annual Report.
The Federal Credit Union Act states that “[n]ot later than April 1 of each calendar year, and at such other times as the Congress shall determine, the Board shall make a report to the President and to the Congress. Such a report shall summarize the operations of the Administration and set forth such information as is necessary for the Congress to review the financial program approved by the Board.”
I’m not talking about its 2009 Annual Report. We are still waiting for NCUA to publish its 2008 Annual Report.
It is more than one year late.
If the NCUA Board cannot meet this simple deadline, how can it be expected to handle the added responsibility of regulating an increase in credit union business lending authority?
Dr. Leggett, you are making me nervous. This is your second post that I agree with (first = Transact In).
ReplyDeleteThe NCUA's inability to produce their annual report should be a message to every credit union that if you are waiting on some other agency or organization to tell your story for you, stop waiting; it's not going to happen. Now more than ever credit unions need to be proactive and take the credit union narrative into their own hands.
when does treasury or congress wake up to the shenanigans of this regulator? ncua is crippling its constituency in an effort to avoid accountability for its own failings in supervision.
ReplyDeleteyour last comment misses the point.
it should read, "how can ncua be expected to regulate-period-if it cant or wont release its financials".
IF NCUA WERE A PUBLICLY TRADED COMPANY IT WOULD BE OUT OF COMPLIANCE ON ABOUT 3-4 KEY ELEMENTS OF SARBANES-OXLEY.