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Where Have The Regulators Been All This Time?

Editor’s Note: this letter was written in response to “NCUA Warns of Tougher Supervisory Stance” (CU Journal Daily Briefing, July 11).

I have a question! Where were the regulators during the time all of this nonsense was underway? We will face tens of millions of dollars lost from our (insurance) fund and I don’t hear any outrage about the lack of oversight on the part of the regulators. Now we will suffer through over-regulation because they want to save themselves as they constrain our ability to do business with our members to prove how “watchful” they are. We must wait, of course, for an edict to send them more of our members’ money to replenish a fund that has been depleted due in large part to their lack of oversight. Do they read the 5300s? Do they watch for signs of risky business?

I am sure the trade groups will keep quiet so “we can go along to get along.” Spare us the posturing!!!!

Dennis Moriarity,

CEO, Unity CU, Warren, Mich. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

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