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CUs' books demands regulator scrutiny

I read Sarah Snell Cooke's article regarding D. Edward Wells FCU filing suit against NCUA (CU Times, July 17,2002). As an interested party to the National Credit Union Share Insurance Fund (NCUSIF), I am happy to see that NCUA is looking very hard at this credit union. The financial numbers...

By Staff Writer | Updated on August 27, 2002

I read Sarah Snell Cooke’s article regarding D. Edward Wells FCU filing suit against NCUA (CU Times, July 17,2002). As an interested party to the National Credit Union Share Insurance Fund (NCUSIF), I am happy to see that NCUA is looking very hard at this credit union. The financial numbers and ratios reported by Ms. Cooke alone represent red flags that should have examiners spending sufficient time reviewing. Add in that there have been allegations from several depositors regarding the credit union’s inability to repay time deposits, including the NFCDCU. At the very least it sounds “fishy” and alarming. As a credit union CEO who appreciates NCUSIF dividends, I for one expect NCUA to be diligently investigating these circumstances, and protecting our fund. In fact, I would consider the regulator deficient in its duties if it wasn’t looking into this credit union. I find the case and request for a restraining order laughable. Absolutely laughable. In addition, I find Ms. Aranjo’s actions repulsive, and insulting to the credit union movement. Why would a respectable credit union CEO try to prevent the regulator from having access to the records? I can’t think of any legitimate reasons. I hope the board of this institution can muster the energy to do the right thing, and get someone into the credit union that can salvage this situation. We don’t need to read about another credit union fraud case. John T. Newett, CPA President/ CEO Harvester Federal Credit Union Indianapolis, IN

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