To protect the industry at a time it is most vulnerable, NCUA needs to provide still "more transparency" and understanding of its corporate actions and be cautious in "casting us with the lot of all other financial institutions," said CUNA Chairman Kris Mecham.
Commenting on the U.S.Central/Wescorp crisis, the president/CEO of Deseret First FCU of Salt Lake City, said already "we will be paying a very heavy fee" for the conservatorships and it will be challenging to say the least for CUs to explain 2009 losses to members.
One encouraging step NCUA has taken, said Mecham, is in agreeing to "hold securities to maturity and we hope they do that" before any precipitous liquidation, urged Mecham.
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