1. Friday, May 14, 2010 - 10:07 PM
#426: The first case is well-known (NCUA reached signed agreement with AFCU).
http://www.depositaccounts.com/notices/2010/04/air-force-federal-credit-union-cited-for-improper-membership.html
Of course, NCUA has supervisory authority and monitoring oligation to ensure sound practice and stable financial status of all CU under its wing.
But this is just one case out of the past 40 years. And the result is unknown; I seriously doubt the drastic action (stated in (f) in agreement) would take place.
Anyhow, I agree that it is a good warning so that we all should obtain CU membership via proper/justifiable channels.
http://www.depositaccounts.com/notices/2010/04/air-force-federal-credit-union-cited-for-improper-membership.html
Of course, NCUA has supervisory authority and monitoring oligation to ensure sound practice and stable financial status of all CU under its wing.
But this is just one case out of the past 40 years. And the result is unknown; I seriously doubt the drastic action (stated in (f) in agreement) would take place.
Anyhow, I agree that it is a good warning so that we all should obtain CU membership via proper/justifiable channels.
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