NCUA should publish the purchase and assumption (P & A) agreements for closed credit unions.
FDIC is disclosing these agreements as part of the information packet for closed banks. For example, here is the P & A agreement between FDIC, as the receiver of Waccamaw Bank, and First Community Bank.
Also, FDIC in some instances publishes a summary of the bids for closed banks. The bid summary would allow credit unions and the public to compare the winning bid against other bids. Here are the bid summaries for two recent bank failures -- Alabama Trust Bank and Palm Desert National Bank.
The publishing of the P & A agreement and the summary of bids for a closed credit union would make NCUA more transparent and would make the agency more accountable.
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Why would we want that? Then we wouldn't be able to pretend, extend and deny.
ReplyDeleteWe like pretending, so,s we don't have to think, explain and decide.
We want to extend to retirement.
We deny there is a solvency problem with the fund.
I couldn't agree more, but it will never happen. It's not in the agency's DNA to give out information that is 1)specific; 2)timely, or; 3)useful.
ReplyDeleteKeith - Dream on. The NCUA will never disclose. They talk a great line about transparency. But the NCUA has never been transparent. The NCUA is accountable to no one. Look at all the corporate credit unions in conservatorship and subsequent liquidation not too mention the natural person retail credit unions. No one at the NCUA has been held to account. No one at the NCUA has been held responsible for their incompetent examinations during the periods of decline. Premier America CU grabbed Telesis for the asking. There were no competing bids. No one else wanted it. And the NCUA wanted it. The NCUA wanted it...to go away. So now the entire credit union can pay more assessments for the give away to Premier America CU. Exactly the way the NCUA plays!
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