RALEIGH, N.C. — The industry now in the grip of NCUA's corporate rescue crisis retains "lots of smart minds and good will" and can solve this problem without going to the last resort "taxpayer bailout money," in the view of James Blaine, the president/CEO State Employees' CU.
Commenting on the NCUA stabilization package and planned insurance assessment, Blaine acknowledged that like other CEOs "we're not thrilled at the cost" but yet the corporate system is very the product of the nation's CUs and needs its support "even if the investments got off course and now we have to come up with a different network."
"This is a good time for through transparency and disclosure by NCUA and I'm convinced we can solve this problem–there is a solution," said Blaine stressing the need for CUs to "work together to come up with a solution and examine the alternatives."
Blaine's comments came as thousands of CUs were tuning in to separate Webinars being conducted today by both CUNA and NAFCU with NCUA executives taking part.
CUNA even acknowledged "due to extremely high level of interest" its free, 90 minute Webinar had to be switched to an "audio" format instead of a telecast.
In his comments, Blaine said he hopes "NCUA can lead and disclose" a complete report on the corporate status. "We need to hear the bad news" so a solution can be found, he said.
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