Conservatorships Demonstrate Need
for Greater, Not Less, Transparency
Today, NCUA's conservatorship of WesCorp and US Central and their $61.3 billion in assets became final. In a press conference this morning, Chip Filson stated that NCUA has taken a problem in the corporates and turned it into an industry crisis. In the statement, he said that NCUA is forcing credit unions to write off capital accounts, pay premiums and even request legislation using modeling estimates that concludes the "dislocated securities" are actually worth less than their current market value! He finishes, "These actions show a serious failure of judgement not to mention, common sense."
Click here for the full press statement, plus the four page analysis.
Chip Filson
President, Callahan & Associates
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