Search Results for: municipal credit union

In three prior commentaries I have described NCUA’s conservatorship of Municipal Credit Union. https://chipfilson.com/2019/12/where-is-the-transparency-for-ncuas-actions-at-municipal-credit-union/ https://chipfilson.com/2020/02/municipal-credit-union-nyc-reports-30-million-net-income-gain-in-4th-quarter/ https://chipfilson.com/2020/08/what-do-municipal-credit-union-and-the-u-s-postal-service-have-in-common/ Because of this credit union’s 104-year history and its vital role in the city, I contacted the credit union to update its recovery following the release of the September call report. NCUA’s director of external affairs sent the following …

Continue reading “The Municipal Credit Union Saga Stays Dark”

The following is an excerpt from Today’s Edition, a newsletter of current events: While we should be concerned about the health of the Post Office, I do not believe that widespread alarm or panic is justified. Let me explain… So, let’s start with a clear-eyed look at the challenges facing the Post Office. The Post …

Continue reading “What Do Municipal Credit Union and the U.S Postal Service Have in Common? “

In a dramatic turnaround Municipal Credit Union (MCU) reported a $30 million reduction in its 2019 final year to date loss compared with its reported September 30 financial position. $40 Million Improvement in Six Months In the September 5300 call report, MCU’s bottom line was a $113.1 million loss. As of December, there was an …

Continue reading “Municipal Credit Union (NYC) Reports $30 Million Net Income Gain in 4th Quarter”

In May, NCUA became conservator of the $3.0 billion Municipal Credit Union in New York City. In the June call report, 45 days after the conservator took over, Municipal reported a $123 million YTD loss. This appears to have been caused by the termination of a defined benefit plan triggering a required funding of the …

Continue reading “Where is the Transparency for NCUA’s Actions at Municipal Credit Union”

The last song in the runaway hit musical Hamilton ends with a question: Let me tell you what I wish I’d known When I was young and dreamed of glory You have no control Who lives, who dies, who tells your story? On May 17, 2019 NCUA was appointed conservator of the $3.03 billion state-charted …

Continue reading “The Hamilton Question and New York’s Municipal Credit Union’s Conservatorship by NCUA”

Silence in the face of problems undermines public confidence. NCUA’s lack of transparency in managing problems is neither helpful for credit unions nor for building trust in the agency’s oversight.

NCUA now controls all the financial transactions of more than 600,000 members. They are in regulatory purgatory.