Retired Western Corporate Federal Credit Union CEO and U.S. Central board member Richard Johnson said he agrees with Callahan & Associates President Chip Filson's calls for members and directors of the failed corporates to challenge the NCUA's actions.
"I think the cure the NCUA is offering is worse than the sickness," Johnson said. "This business of taking away PIC and other capital is devastating to credit unions throughout the land."
Furthermore, Johnson said he doubts the NCUA has enough staff to handle all the credit unions that will require prompt corrective action as a result.
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