On Friday, NCUA issued a statement to inform us that it has issued Supervisory Letter 09-01 to its field staff. Access NCUA's press release here.
The letter reportedly instructs NCUA examiners to take into account NCUA's corporate stabilization plan when reviewing a credit union's ROA, net worth and other financial data. Examiners have been told to distinguish between actions taken by NCUA and those taken by credit union management. I take this to mean the following:
Credit unions should not be punished for any negative affects that the stabilization plan may have on their financials.
We are working to obtain a copy and to have NCUA make the letter available on their website. For now, only the release is publicly available.
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Today, the Washington, DC metropolitan area is in the throes of a severe winter storm. Predictions have us welcoming 4 to 10 inches of snow, depending on who made the prediction. For those of you who live away from our nation's capital, understand that snow storms affect us dramatically.
Ask the average Washingtonian this: What would have a larger impact on our region?
- 10 inches of snow.
-
Armageddon.
Most Washingtonians would have a hard time choosing.
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