You sure you want to win that award? Anonymous to NAFCU

Hi Fred-

In light of the experiences of a recent NAFCU AWARD WINNER - I would like to recommend not only the prestigious NAFCU Plaque but also a $10,000 legal defense gift card.  The gal in Florida could sure as heck take advantage of such a gift card.  Thinking  outside of the box maybe just a non-descript $10,000 gift card would be more appropriate. I am thinking with Tom Glatt unemployed and another recent NAFCU WINNER - he could probably use such a gift card - at least he does not need it for legal defenses.

I am just thinking with the recognition of these NAFCU Awards - it seems to bring bad luck, too.  In the most unlikely event I am nominated I hereby decline to be inducted into the hall of shame.  Give the recognition and shine the light on Bob Siravo or Bob Burrell.

On that note have a great rest of your day.  

I think the same person sent a similar note to the President regarding the NCUA nomination from the CDCU while having their ATM outages in the high 6 figures. 

TOOOOOOOOOOOOOO funny!!!!!  Let's get those backgrounds (or at least look at their real estate transactions.... How many houses were walked away from, while the cu was holding the loan?)   checked first and the awards presented later folks.  There are some really damaged resume's out there.  

Even though WesCorp is now officially dead.... you won't see too many references to time spent at that shop or on their board, any time soon on a resume.  Talk about how not go get a job!  "Hire me, I sunk WesCorp and cost your credit union umpteen $Million in assessments".   Yep, that'll get you hired!

The teacher assigns an "F", and the student says "May I have another!".

CU Times and Journal both are reporting the current debacle was caused, in some great part, by NCUA.  NCUA's reaction to the GAO report ... "Yes Sir, your right... good job in seeing that.  We are terrible at regulating!".  You see, when you have an appointed job... there is no need to succeed.  It's all about being "right" and "in charge".  Well friends, if you thought the NCUA lion was awakening and causing cu's grief up to this point..... As the man said:  "You ain't seen nothing yet!"  NCUA just got their walking orders to take an unrestrained crunch on CUs actions.  The are now free to solve 50 of the next 5 problems you have (that's 5 actual issues, and 45 perceived issues identified by NCUA).

And who are these "super-smart" doers of good that come to visit our offices?  Why 20 year old's who "know everything"!  Everything about credit granting, compliance, history,... well everything.  Why, they've been through the 3 week intensive course led by other "seasoned" NCUA examiners... So, you know they have tons of experience to draw on when they make their "recommendations" on how to improve your shop.  They are smarter than you and know more about cu's than you do.  That's right!  Any you know how they know this?  Why, NCUA told them so!

Problem is, if you happen to be a smaller cu... those recommendations are to - MERGE.  You see, if your only tool is a hammer, all your problems look like nails.  Low on income - MERGE, seen higher than normal delinquency - MERGE.  And NCUA is SOOOOOOOOOOOOOO much better at watching over the larger cu's, like WesCorp, right?

Forget risk Management.... we are now going to be in full-time hard core risk AVOIDANCE.... right up to and including the demise of your credit union.  You thought it was tough to make a buck before?  Try avoiding ALL risk and making even $0.01 ---- Well, after assessments.... "How much capital do you have?  Send it!"  

Our members deserve a better regulator than what they have been forced to endure!!!!

Unfortunately, it's only going to get worse!  We are really going to let the folks who caused the problem be in charge of fixing the problem.... Congrats!  We are living a punch-line!!!!!