However, this FOIA denial shows how NCUA seems to flaunt the rule of law. The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 modified the Federal Credit Union Act requiring the disclosure of enforcement actions. But NCUA is using the FOIA exemptions to keep from releasing this information.
Section 206(s)(1) of the Federal Credit Union Act states the following:
(s) Public Disclosure of Agency Action.—
(1) In general.—The Board shall publish and make available to the public on a monthly basis—
(A) Any written agreement or other written statement for which a violation may be enforced by the Board, unless the Board, in its discretion, determines that publication would be contrary to the public interest;
(B) any final order issued with respect to any administrative enforcement proceeding initiated by the Board under this
section or any other law; and
(C) any modification to or termination of any order or agreement made public pursuant to this paragraph.
Paragraph (s)(5) of Section 206 states that the publication of the order can be delayed for a reasonable time under exceptional circumstances.
Delay of publication under exceptional circumstances.—If the Board makes a determination in writing that the publication of a final order pursuant to paragraph (1)(B) would seriously threaten the safety and soundness of an insured depository institution, the agency may delay the publication of the document for a reasonable time.
I can't see how releasing the two LUAs would constitute a serious threat to the safety and soundness of Telesis Community CU, because the credit union has already failed.
Moreover, this rogue agency rarely discloses any enforcement action in a reasonable time.
Mr.Leggett,
ReplyDeleteThe NCYA is within bounds of foia. The request will describe the material impact on the NCUSIF which is on razor thin ice and still needs to provide funds for corporate legacy assets.
Suggestion that will benefit all of us...show us HOW NCYA paid for losses last year in the legacy assets.
They used NCUSIF funds and assessed credit unions but don't seem to have been able to cover all the losses.
NCYA can't be transparent. We are planning for crippling assessments by not growing and building capital. Our members are paying with terrible share rates.
I believe the bank regulatory agencies do comply with this law, routinely disclose after a time. True?
ReplyDeleteYes, the bank regulators do comply with the law publishing written orders within 30 days, as required by the law.
ReplyDeleteKeith,
ReplyDeleteAs a credit union CEO why is it necessary for me to get this information from your posting? Where is CUNA? Where is NAFCU? Where the heck are CUTimes & CUJournal? It appears no one is providing the coverage on this ROGUE agency. Both NAFCU and CUNA are as silent on this issue as NCUA is in covering it up. Shame on all 3 of them. Shame on the credit union community for continuing to support them.
NCYA to Congress- drop dead (LICU designation).
ReplyDeleteNCYA to Congres- drop dead (charter change rules).
NCYA to credit unions- drop dead (transparency on corporates and Section 208 and Texans and Telesis and Arrowhead and AEA, etc).
NCYA to NC credit unions- drop dead. I' ll deal with Blaine by punishing you.
NCYA to Issa- drop dead on your letter to me about contingency lawsuits.
NCYA to the White House- drop dead on your executive order. I'm an independent agency, can do whatever I want because No One holds me accountable.
CUNA (cu not accountable), CU Times, CU Journal, NAFCU and Leagues to credit unions- drop dead. All we want from you is your dues and conference attendance. We don't have your back, we got your money and that's all you need to know. Now get out there and recruit your members into the tax battle. Never mind that they don't care and have their own worries....we need this trough full. The trough is all that matters. You don't matter and they don't matter.
Hope 60 Minutes never notices. Then we'll all look pretty bad. Kinda like that other greedy, self interested customer be damned outfit....big banks.
Mr. Leggett,
ReplyDeleteYour title for this is inappropriate.
NCUA has always been rogue.