The National Credit Union Administration announced on July 17 that it will pay next week $735.7 million in dividends from the National Credit Union Share Insurance Fund (NCUSIF) to over 5,700 credit unions.
If a federally insured credit union that filed a Call Report for at least one quarterly period in 2017, it will be eligible for a pro rata distribution.
Statements will be mailed this week to dividend recipients with the amount to be received.
This will be the largest distribution from the NCUSIF in its history.
Read the press release.
How do you pronounce: government extortion and shakedown? The NCUA prevails against Wall Street banks resulting in recoveries of $3.8 Billion. They split it 50-50 with D.C. swamp law firms and kick back "chump change" to the victims they extorted the money from and claim some type of victory. Here again they stole the play book from the Mafia. Perfect execution. Total immunity. Expect big fat huge bonuses to the pseudo intellectuals at the top of the NCUA food chain. Deplorable.
ReplyDeleteSince you didn't mention it, this is a refund of assessments paid by Credit Unions to help fund their own bailout during the financial crisis. Not one penny of taxpayer money was used for the bailout, unlike the bank program.
ReplyDeleteThis should be celebrated as a win for both Consumers and Credit Unions!
The bank TARP program turned a profit.
DeleteAlso, the FDIC did not borrow from the Treasury, unlike NCUA.
True, the FDIC didn't borrow from and fully repay the Treasury like the NCUA. Treasury simply purchased toxic assets and held them until they hopefully improved. I'd be curious to see what would have happened to TARP if the economy didn't improve. Credit Unions also benefited from an improving economy - but had it not happened Treasury would have still been made whole by Credit Union assessments.
DeleteOf course Credit Unions didn't use the available capital as a low cost source of funds to purchase other Credit Unions and pay for lobbying and campaign contributions.
Grandmaster b is delusional, drunk from the vapors of the cu kool aid.
DeleteIf treasury (therefore the taxpayer) has not lent CUs (NCUA) $35 B+ The “credit union industry as we know it would not exist” (NCUA at the town halls).
The $35b funded the withdrawals of the mostly large credit unions from the corporate CUs.
The withdrawals occurred after bonds started failing, after Siravo lied to his “friends” that all was good.
Without the loan, ccus would have had to sell bonds at “.35-.50 cents” and the industry would’ve imploded (NCUA at a cues conference).
I’d be curious to see what would’ve happened to credit unions without the taxpayer funded loan, the governments strong arm lawsuits PLUS an improved economy.
What delusional grandmaster b doesn’t get is that banks AND CUS needed the help.
Grandmaster b is like the bots you read about. Just a machine replying, not a human brain...one that THINKS anyway.
I'm well aware both Banks and Credit Unions needed assistance. I'm very well aware how close to utter collapse our financial system was during the crisis.
DeleteMy point was add to the original story. It was framed to show this dividend as some great windfall for the CU industry, when in reality is was returning a small portion (15% currently) of what Credit Unions ponied up to save their own system.
At least Credit Unions had skin in the game.
Delusional grandmaster b doesn’t understand that the banks have skin in the game, cute notion.
DeleteThe FDIC is funded by the banks. The banks send the fund to FDIC but UNLIKE credit unions, the funds leave the bank and its capital. The credit unions wire the money to NCUSIF but STILL COUNT THE CAPITAL ON THEIR BOOKS.
This is because NCUA never dealt with what treasury calls CU DOUBLE COUNTING. We heard this from a few consultants and verified for our selves.
THATS WHY it FEELS to delusional grandmaster b that CUs PAID for their mistake.
A closer look also reveals that any bank that failed, failed on its own “merits and mistakes”.
CCUS failed with Cuna, cu CEOs, league people on the board of the CCU...in EPIC old boy network chumminess.
Delusional grandmaster b is correct that the rebate is measley and he/she has NO ONE to blame but himself, NCUA, and the smarmy cu bro hood.
The 15% chump change rebate is a means of mental masturbation for the intellectually impotent credit union leadership, a remedy for which has not yet been discovered.
ReplyDeleteUh, OK then
ReplyDelete