Editor's note: this letter was sent in response to "ASI Calls NCUA's Spread-The-Cost Corporate Restructuring Plan 'Extortion'" on CU Journal's Feb. 1 Daily Briefing.
Perhaps all those privately insured credit unions would like to pay back to NCUA the windfall insurance benefit they received when the corporates failed. Seems to me that they were only entitled to the $250,000 insured balance NCUA had in place.
Their own insurance fund should have picked up the difference. Calling NCUA's request to restore the "system" we all benefited from extortion is questionable at this juncture. Especially when your pockets are filled with their money!
Gregg Stockdale, CEO
1st Valley CU, San Bernardino, Calif.