The Municipal Credit Union Saga Stays Dark

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 …

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

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 …

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

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 …

Where is the Transparency for NCUA’s Actions at Municipal Credit Union

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 …

The Hamilton Question and New York’s Municipal Credit Union’s Conservatorship by NCUA

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 …

Should NCUA Create a Credit Union Advisory Board?

I am skeptical about whether a politically chosen advisory board is an effective venue for credit unions to influence NCUA. Both the Federal Reserve and CFPB have advisory boards in which credit unions are members. Whether these forums are more than a public relations event is difficult to determine. Therefore, I thought listening to an …