Wednesday, October 17, 2012

Wirz: NCUA Charter Conversion Rules An Exercise in Government Abuse

Earlier this week, I wrote that NCUA's conversion rules needed to be re-examined.

Adding fuel to the fire is Henry Wirz's scathing commentary on NCUA's role regarding credit union conversions in the October 15th edition of Credit Union Journal (paid subscription).

Henry Wirz, the CEO of SAFE CU in North Highlands, CA, wrote that NCUA's rules governing the charter conversion process are "an exercise in government control." He denounces NCUA for "government overreach and abuse of authority."

Wirz derides NCUA for making "it possible for vigilante justice to rule" the conversion process.

Wirz states that NCUA has made a mockery of the credit union principle of democratic governance.
Posted by at
Labels: ,

3 comments:

  1. AnonymousOctober 17, 2012 at 8:39 AM

    Many of my peers running credit unions have changed their tune about charter change over the last few years and are disappointed in the tech result. Wirz brings more transparency to the subject than I've ever seen and all credit unions should be VERY concerned about the lack of ability to simply leave if that's what their business needs because we aren't getting alternative capital or any other relief.
    Even if you never want to convert, this is very worrisome behavior by the regulator. We can't keep them honest.

    ReplyDelete
  2. AnonymousOctober 17, 2012 at 3:36 PM

    At Tech CU, 80% of the membership did not vote against the $1.5 million worth of charter conversion information issued to them, but the proposal was defeated. A failed process for member based democracy, crafted by the NCUA. Democracy or Tyranny?

    ReplyDelete
  3. AnonymousOctober 17, 2012 at 6:33 PM

    NCUA oig investigated and cleared "the liquidator" in 7 minutes.
    NCUA didn't clear tech cu disclosure material for 7 months and left tech cu with a neutered message to their members.
    I'm not sure my fellow board members around the country understand the gravity of this situation. At my cu we are worried about the loss of federal tax exemption and do not believe we have the option to convert with this prison warden of a regulator.
    Now I know why jim Blaine keeps asking, "do you get it now?"

    ReplyDelete

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.