The watchdog continues to rob the henhouse

If your credit union is federally insured, have you been paying attention to recent statements coming from NCUA Chairman Harper?

The February board meeting included a report on the 2023 year-end financials for the NCUSIF and a very healthy report it was. Total assets now exceed $21 B. The really good news was that there were only three credit union failures that resulted in losses to the fund of $1.4 M. That’s right, only $1.4 m in losses, even though we have been listening to the Chairman continuously warn of pending doom since he first came to the board 2019.

His predictions have been about as accurate as the losses the “experts” projected would result from the legacy assets held by the Corporate Central system 15 years ago. Through the 2008 recession and the economic turbulence of COVID, the fund has proven to be financially resilient and built on financial assumptions that provide a proven deposit insurance model over many years.

But not according to the Chairman. He has continuously predicted some imagined future doom that requires the additional infusion of our members’ capital and now he wants to eliminate the financial caps that constrain his wish to build a regulatory empire on the backs of credit union members.


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