The credit union in 2011 converted to a community charter serving Lycoming and Clinton Counties in Pennsylvania.
The credit union added 9 additional counties to its existing community charter in July 2017.
Today, Horizon FCU can serve persons who live, work, worship, or attend school in, and businesses and other legal entities in the rural district of Bradford, Centre, Clinton, Columbia, Lycoming, Montour, Northumberland, Potter, Sullivan, Tioga, or Union Counties. The potential increase in membership for the credit union is 666,077.
But the only way Horizon could add these 9 counties to Horizon's existing FOM was by using the rural district.
However, this region appears to be rural in name only.
Eight of the 11 counties belong to seven different core bases statistical areas. The region includes three distinct metropolitan statistical areas and four micropolitan statistical areas.
Only three counties are not part of a core based statistical area -- Potter, Sullivan, and Tioga.
Five counties have population densities in excess of 100 persons per square mile.
According to the U.S. Census Bureau, almost 54 percent of the people in this so-called rural district live in urbanized areas or urban clusters.
Six of the counties have a majority of their residents residing in urban areas and clusters.
It appears that the agency has disregarded information that would have suggested that this region is not a rural district.
Once again, the agency has abused its discretion in designating this region as a rural district.
NCUA to Congress: "buzz off, I do whatever I want":
ReplyDeleteFOM expansion.
Contingency law suits.
Charter conversion rules.
Low income designation.
MBLs.
RBC.
Prudent safety and soundness supervision...Melrose, Progressive, LOMTO, Montauk taxi loan concentration 70% of ASSETS.
Prudent safety and soundness CCUs devastation.
Etc, etc.
NCUA to the world, buzz off, we love our independence and cushy government annuity.
Well said, thank you.
DeleteBanks' regulatory agency the OCC reports to and is accountable to the US Treasury (Secretary). The OCC's financial actions are also very visible to and monitored by well-informed bank stockholders.
Credit Unions' regulatory agency The NCUA reports only to ... Congress, hence 'everybody', hence accounts to nobody. Credit union members have no direct interest in The NCUA's financial actions, no monitoring there.
A $Trillion "sifi" accountable to nobody. Still not seriously monitored even after billions in losses were paid in effect with an American Taxpayer bailout via assessments of untaxed credit union capital. Would a taxpaying cu system not have had enough capital to survive the NCUA's failings with the CCUs (that it founded)?
Why would it not happen again when no one was accountable this last time?
All of the trade association and industry propaganda about members are owners and "we're all about the member" is just that, propaganda.
DeleteWhat we've been "all about" is not paying taxes.
What we've been all about is nonesense conferences which is how "volunteer boards" get paid...free vacations for them and their families.
It's one big slush fund and it's at the "member owner" expense.
We'd rather pay taxes and get all the advantages of bank regulations, including a real regulator.
But, as you say, we are all waiting on congress to grow up. Alas, the ultimate global slush fund...congress.
Pigs watching pigs.
Maybe if tax reform is bipartisan, then taxing bank like credit unions is bipartisan.
The NCUA has its own rule book. They make up rules to suit the agenda. They are accountable to no one. NCUA workers screw up and move up. This is not the exception to the rule - it is the rule.
ReplyDelete