Nealon: Credit unions deserve an open, transparent dialogue with NCUA

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr An NCUA white paper made public recently on possible National Credit Union Share Insurance Fund reforms shows again that NCUA’s work to address perceived risks in the system lacks transparency, NAFCU’s Alicia Nealon says in an editorial published by Credit Union Times.Nealon, NAFCU’s director of regulatory affairs, refers in the editorial to the agency’s 2013 white paper titled “National Credit Union Share Insurance Fund (NCUSIF) Improvements.” The paper contains a legislative plan that would give the agency broader authority to administer the NCUSIF, lift the cap on the fund’s operating level, permit risk-based premiums and retain the 1 percent deposit insured credit unions maintain.“This paper is clearly yet another piece of NCUA’s agenda for mitigating perceived risks within credit unions – an agenda the agency continues to keep credit unions in the dark about, despite multiple requests from stakeholders, such as NAFCU,” Nealon wrote.Nealon says credit unions “deserve a more open and transparent relationship” with NCUA. “Credit unions are extremely safe and sound, and they weathered the financial crisis better than any other industry,” she writes. “Even as the financial market heals, credit unions remain conservative and do not pose the risk that the NCUA seeks to mitigate.” continue reading »last_img

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