April 08, 2014

Berger, in CU Times, urges NCUA transparency

April 8, 2014 – NAFCU President and CEO Dan Berger, in an editorial published by Credit Union Times, welcomes NCUA's announcements on the prospect of no more corporate stabilization assessments but urges more transparency on the agency's handling of its key funds.

"Transparency should not only be reserved for the positive. And there have been a lot of positives lately," Berger states in the editorial. He notes, for example, NCUA's announcement of possibly no more stabilization assessments, the agency's more than $1.75 billion in recoveries from securities lawsuits and continued decrease in the number of CAMEL 4 and 5 credit unions.

He says that despite all this good news, NAFCU believes NCUA should do more. "The NCUA is a steward of credit union dollars, and credit unions need to know how all of the dollars they send the NCUA are applied."

Credit unions do not know, for example, just what is covered by the $390 billion in professional fees the agency recently disclosed in connection with its lawsuits over corporate credit union losses, and Berger says more details are needed on these and other activities.

NAFCU, through Freedom of Information Act requests, is seeking details on expenses of the Central Liquidity Facility, the share insurance fund, corporate stabilization fund and NCUA operating budget – all of which Berger notes are "full supported by credit union assets."

"We hope that we continue to see the positives, but we want that whole picture to come to light," Berger notes. "This could be a hallmark that the NCUA can be proud of."