The Material Loss Review of Vensure Federal Credit Union revealed that the credit union was subject to an unpublished letter of understanding and agreement (LUA) in 2009.
According to the Inspector General report, examiners identified significant operational and governance deficiencies with Vensure. Examiners considered other options, including a Cease and Desist Order, Conservatorship, Merger, or Liquidation; but decided that an unpublished LUA was the best approach given the cooperation of credit union officials and response to numerous governance issues.
But Section 206 of the Federal Credit Union Act requires these enforcement actions to be published monthly, unless the NCUA Board determines that the publication of the enforcement action would be contrary to the public interest.
I don't know how publishing this agreement or any other written agreement between NCUA and a credit union is contrary to the public interest.
What is contrary to the public interest is not publishing these orders.
Read Vensure's Material Loss Review.
Take a look at this video to learn the difference between a Credit Union and a bank!http://www.youtube.com/watch?v=RWN0PAsJFAs&feature=youtu.be
ReplyDeleteCome on now. Do as I say not as I do. This is called transparency. Interesting no one is the least bit surprised about any of this lawlessness at the NCUA. It is a rogue agency.
ReplyDeleteSeems we need to worry that its not in the public's interest when NCUA keeps them secret!!
ReplyDeleteMaybe we should support the agency being allowed to supervise the issuance of alternative capital, since theyre so good at supervision!!