Cowardness is contagious. So is courage.
Last week I received along with others on his distribution list, the following retirement announcement from Joe Adamoli, Office of External Affairs and Communications:
Hello, Chip. Writing to let you know that I opted in to the NCUA’s deferred resignation program. If you need assistance from NCUA Communications after May 2, please contact Ben Hardaway (bhardaway@ncua.gov).
Fair enough. Just transitioning responsibilities on his way out the door.
So I followed up with the following query:
Is it possible to set up an interview with anyone still around to get an update on events?
The response hours later from Adamoli was:
Hello, Chip. The NCUA declines the request.
I asked for any “press releases or other announcements about events at NCUA. For example have there been any new hires on Hauptman’s staff?”
No response. So NCUA leadership is so fearful that they wish to say nothing; or so sure of their role, they are no longer accountable to public discussion. Or perhaps a combination.
It should be obvious that this is not how a governemtn regulatory agency overseeing a $2.3 trilllion system of cooperative credit for 100 million or more citizens is supposed to behave. Public dialogue is essential for responsive and accountable agency functioning in a democracy.
This is not primarily about the future of NCUA; rather it is about the future of the independent member-owned financial system in America.
Some will just want to wait and see, hoping that some confluence of events will protect member’s interest in their institutions.
But if no push back is attempted, we know nothing will happen. With a challenge, we may not know the outcome, but that is why we must try. Has anyone put forth an action plan on Trump’s takeover of NCUA eight days ago? It’s time for one.
This is because, just like everything to date under the administration, any question/debate/push back to decisions is met with immediate shock and awe responses. The industry are made up of humans who fear for their job and the possible but likely negative repercussions of public or private dissent. Yes, it’s going to take many respected leaders to publicly join and push back for others to follow. It’s a shame, but historically relevant. The administration knows this – hence what we are now witnessing.