Tuesday, March 6, 2012

NCUA as Cheerleader

Once again, NCUA has confirmed my suspicion that this agency is a cheerleader for the credit union industry.

NCUA on March 2 announced the unveiling of a new CU Locator application (App) for iPhone, iTouch, and Android devices.

The agency says in the press release that the "app is just the latest example of how NCUA is connecting credit unions with younger audiences."

But why is NCUA, which is suppose to be the saftey and soundness regulator for credit unions, unveiling a CU Locator App? Shouldn't that be the job of a credit union trade association?

Moreover, is it the role of this agency to connect younger audiences with credit unions?

This is just another example of this agency being too cozy with the industry that it regulates.

Read the press release.


  1. Exactly the Chairman of NCUA is leading this agency as a cheerleader rather than as a safety and soundness regulator but are you really surprised.

  2. Maybe they created the app so THEY could find the CUs.

  3. maybe ncua was too busy on iphone apps and missed the bulk up of subprime mbs at ccus or that vensure fcu moved from ny to fla to az so that they could bulk up on fees by lending to full tilt poker?
    musta been the distraction of supervising st paul croation so closely!!

    1. gosh that is precious. it would not be so darn funny and comical if it was not true. once again your have identified the issues.

  4. This is the same NCUA that has spent over $1.4 Million promoting Suze Orman as the NCUA consumer mouthpiece. Suze has just launched her own prepaid debit card. The same Suze that has advised consumers to walk-away from their mortgage commitments when they are upside down on their mortgage. With this type of leadership it is no wonder why credit unions are paying huge NCUSIF assessments.

  5. The leadership is comical all the Chairman has done is spend money at the credit union's expense.



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