By Chip Filson, Chairman, Callahan & Associates

(Originally published at www.CreditUnions.com)

The NCUA board’s decision to merge the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) into the National Credit Union Share Insurance Fund (NCUSIF) is a good idea.

The closure of the TCCUSF will reduce expenses, end contracts that at best perpetuate the continuation of misleading judgments, and create sorely needed transparency by simplifying the NCUA’s reporting.

More importantly, it should enable the NCUA to tie the financial results of the NCUSIF to real world events. What do I mean by that? Current practice involves projecting long term “future facts” to justify current expenditures — facts that simply don’t hold up when back-checked. Not even close.

This fresh start for the NCUSIF would also reinforce the NCUA’s primary fiduciary responsibility to credit union members. It is the members, after all, who send one cent of every insured share to fund the NCUSF, and for whose interests NCUA is the steward.

Returning members’ money as quickly and as fully as possible should be the Board’s dominant priority.

So, how much is due to your members? A lot more than NCUA staffers would like you to believe...

Continue reading at Callahan & Associates' website: http://www.creditunions.com/blogs/commentary/dont-let-the-ncua-take-your-members-millions-again/#ixzz4rAAdHhDF 

The NCUA is accepting comments on the merger of the corporate bailout fund into the share insurance fund. The deadline is Sept. 5. Make your voice heard!

Here’s a link to the complete merger proposal.
Here are instructions on submitting a comment.
Here are comments submitted so far.