tag:blogger.com,1999:blog-319775530671726401.post3101043970126279697..comments2023-10-01T09:18:26.162-04:00Comments on Keith Leggett’s Credit Union Watch: Estimated NCUSIF Losses from Taxi Medallion LoansKeith Leggetthttp://www.blogger.com/profile/14794334790117033547noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-319775530671726401.post-8968893263935611452016-08-20T10:17:13.917-04:002016-08-20T10:17:13.917-04:00Just read in cu journal that ncua mouthpiece says ...Just read in cu journal that ncua mouthpiece says there is $7.4B in medallion loans in credit unions. <br />How can it be that much?<br />How can the losses be ncua projected 7.4 million. <br />More deception. <br />How did they let this happen?<br />We expect losses to be severe and to pay assessments. <br />Who is ncua s boss??Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-77315867817366656132016-08-15T09:04:42.681-04:002016-08-15T09:04:42.681-04:00The time to "act quickly" was probably 1...The time to "act quickly" was probably 18-24 months ago.<br />FDIC. Acts quickly.<br />NCUA acts out of self interest. Apparently NY State as well.<br />And we get to pay the freight.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-23904270582179179412016-08-15T07:21:35.984-04:002016-08-15T07:21:35.984-04:00Right. Maybe the press will uplift the story and f...Right. Maybe the press will uplift the story and force congress to ask about it.<br />NCUA has no boss and acts like it to our detriment, once again.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-78168717943793531212016-08-13T13:57:55.187-04:002016-08-13T13:57:55.187-04:00All three would fail under your third scenario bec...All three would fail under your third scenario because the allowance has to be replenished for remaining loans. Losses to the NCUSIF depend in part on how much funny business is going on in filling out the call reports. I'm guessing it's worse than it looks here. And it will be interesting to see how this plays out with NCUA and if they and the state will take action quickly, as they should. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-82971533205491051522016-08-13T08:04:56.679-04:002016-08-13T08:04:56.679-04:00Maybe we should pay out trade association dues to ...Maybe we should pay out trade association dues to folks like you, Keith.<br />We did a board meeting recently with someone else we should give our trade association dues to.<br />He is an advisor to credit unions.<br />You and he have told us more about what we need to know about the recent past, current and future of banking than all the CUNA and Nafcu conferences I've been to.<br />There is next to nothing about this medallion risk.<br />The advisor provided us research about the industry that was so useful to our strategic planning that we had to stay longer to absorb it all. Information we should have already known, yet we are $1B assets and have smart managers.<br />There's a whole world out there that credit unions aren't tapping into.<br />Guess we better plan for assessments.<br />Maybe we stop paying dues so we can pay for assessments.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-11905844845439942082016-08-12T08:44:46.679-04:002016-08-12T08:44:46.679-04:00The MS scenario is optimistic.
$7.4M would be mir...The MS scenario is optimistic. <br />$7.4M would be miraculous.Anonymousnoreply@blogger.com