Grace Mayo presented information to the House Small Business Committee's Subcommittee on Tax, Finance and Exports proposing raising the cap on MBL on March 9, 2006. So, how's she fared since that time with her restricted limit?
6/2006 - Assets = $601.8 Million, Capital = 10.5%, DQ = 1.15%, Net C/O = 1.53%, ROA = 1.06%
6/2011 - Assets = $347.1 Million, Capital = 6.25%, DQ = 11.03%, Net C/O = 3.37%, ROA = <.21>
One shudders to think how much worse shape her credit union would be in today (assuming it wouldn't have been liquidated already) if the House Committee had actually listened to her "sage" advice.
What I find amazing is that CUNA, NAFCU, et all, haven't changed the rhetoric one bit since 2006.
