NCUA believes that part of its mission is to protect credit union members' rights.
But how can this agency say its protecting members' rights with a straight face when it rarely makes public enforcement actions that may materially affect their credit unions?
According to an article in the February 28, 2011 Credit Union Journal, "Are Examiners Overcompensating?", as of January 31, 2011, 333 credit unions are under Letters of Understanding and Agreement, 86 credit unions are under preliminary warning letters, and 28 credit unions are under cease and desist orders.
However, as I've previously pointed out, you will have a hard time finding these enforcement orders on NCUA's website. Only 1 cease and desist order and 4 Letters of Understanding were publicly available in 2010.
So, where are the other enforcement actions?
Alas, I guess the "N" in NCUA stands for nanny, as NCUA has made the decision that credit union members can't handle the truth.
No, the "N" is still for NITWIT!
ReplyDeleteand Nasty!!!!
ReplyDeleteDoes the posting of these items for banks impact many of their customers? I don't think so if the customer is fully insured by the FDIC. The same holds true for credit union members.
ReplyDeleteMany consumers have two questions that they want their financial institution to answer (almost) every time. Is my paycheck deposited? Can I get to my money?
The rest is of little consequence to them.
now, you're talking. thats right, "the rest is of little consequence to them"...including the "ownership" that you say is important but does not appear to be given how few "owners" show up for annual meetings or run for open board seats.
ReplyDeleteseems what a few are trying to protect is their job, not member rights.