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Looking Back

Looking back nine years ago finds former NCUA Director of Examination and Insurance D. Michael Riley stressing that credit unions must experiment with shared branching, CUSOs, Super CUSOs, mutual fund accounts and more options in the short-term market. All this, Riley said, would increase the pressures on CU managers and...

By Staff Writer | Updated on November 28, 2006

Looking back nine years ago finds former NCUA Director of Examination and Insurance D. Michael Riley stressing that credit unions must experiment with shared branching, CUSOs, Super CUSOs, mutual fund accounts and more options in the short-term market. All this, Riley said, would increase the pressures on CU managers and auditors so NCUA must recognize these pressures in fashioning regulatory relief. “We have an agency for most credit unions…a federal agency–the NCUA–which is regulating and supervising like it was in 1970,” said Riley. “It’s been treating CEOs, CFOs, and the accounting profession like third-class citizens.”

Riley went on to caution that an under-performance in share growth would mean liquidity problems in the future–especially if interest rates rise and record bankruptcies continue. Also in that issue, Representative John LaFalce (D-N.Y.) offered a field of membership “compromise” proposal as a “framework for future action to avoid years of continued litigation”.

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