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Commentary

NCUA Shined During the Corporate Crisis

The agency, not the U.S. Treasury, crafted solutions for the corporate credit union crisis.

By Michael E. Fryzel | Updated on June 23, 2015
I always enjoy reading Marvin Umholtz’s monthly dissertation on credit unions and the financial services industry. More often than not he is on point with his views and offers a good analysis of issues. However, his letter to the editor in the June 17, 2015 edition of Credit Union Times contains a few statements that need to be corrected or clarified.

Mr. Umholtz is of the belief that during the corporate crisis credit unions faced in 2008 and 2009, the U.S. Treasury was the guiding hand in crafting the solutions that ultimately prevented countless natural person credit unions from failing.

Officials at the U.S. Treasury were without question extremely helpful in offering advice and counsel during that difficult period. Without their agreement to the steps the NCUA wanted to put in place to alleviate the crisis, and their assistance in loaning the money requested, the credit union industry, as we now know it, would look a whole lot different.

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