Free tickets to watch the show
Vic Pantea is a good teammate and a good watch dog for NCUA activities. Check out his call to the industry below.
But even Vic tires as he sounds the alarm and tries to rally all of us to act in our best interest. But we lazily watch out the window as the players play out the moment mandated by tradition and circumstance. The bunglers (NCUA) top the fence and the our trustful dogs on leashes (associations) sound off, yapping and hoping the intruders will take notice. And from perches on high the birds, still believing they are free to fly, watch as the scene fades for a lack of energy by any of the actors.
It’s a dance we all play. The tap dance called a budget process. We lay out the history of compromises and everlasting moves to increase the game. We fence with our heart strings and good intentions as to try and push back the creep, but we always accept it. Instead of admitting defeat we simply shirk and call it the cost of doing business and retreat to other distractions in our business world. And in the end the players that feast on our funding simply cut their notches in the history books and look forward to next year.
And when next year comes, and the NCUA and associations hang out the budget banners and pass out tickets to the show, take little notice that FEWER PEOPLE ARE IN THE CROWD. And given good fortune, my good friend and teammate Vic Pantea will rally his call for all of us to feint interest one more year.
I guess wisdom allows me to accept this fate, but for that I might still have the passion to mount a fight, to rally a resistance, and to see the effort my responsibility. Good for the agencies. This year Vic rated their “vigorous objections” some of the best ever.
Tell Me Why I’m Wrong.
Last week’s budget hearing saw some of the most vigorous objections the agency has ever heard from the association trio of NASCUS, CUNA, and NAFCU about NCUA’s proposed budgets for 2021 and 2022. It is good to hear the concerns that we should all be supporting, but it was Lucy Ito who said it best that the futility of their testimony is evident in the total lack of agency action on any of the previous years of testimony. It’s as though the agency grudgingly permits the annual budget hearing, but fails to pay any respect towards the comments. Well, what’s new? Isn’t that the usual agency response to 99% of the comments made by credit unions for any request for comment made on any regulatory actions or operational concepts? It pledges it will build stronger collaborative efforts with credit unions, and almost as importantly its fellow state regulators, but where’s the evidence?
While yesterday’s testimony was well researched and hit the target of major concerns with the agency budget, it failed in one aspect. It lacked the weight of our pledge to take action. It lacked the punch of telling them what we are going to do to make them pay attention and involve us actively in their governance and their strategies. It failed to remind them that the $19 B+ of CU capital now in the NCUSIF is not a donation, but remains as the fiduciary responsibility of the 5000+ federally insured credit unions, and that we will act upon any irresponsible misuse of our owners’ capital.
Let’s do something today! Let the NCUA know that you care and hold them responsible. You can start by sending them your budget comments and the action you will consider appropriate if they continue to refuse to listen. May be you evaluate a charter change or if you are a state charted CU and allowed by state statute you consider a change to private insurance.
You have until December 11 to comment. Join the efforts of the CUSO Challenge (www.CUSOchallenge.com) to make a difference.Vic Pantea