ARLINGTON, Va.— NAFCU is urging NCUA to consider making distributions from the Share Insurance Fund (SIF).
“Any monies being returned to credit unions is a good thing, but the NCUA’s unilateral legal and policy decisions of the past that have precluded additional distributions to all credit unions, including, merging the share insurance fund (SIF) and stabilization fund in lieu of using their administrative authority to give distributions directly to credit unions; approving a sizable increase in the normal operating level of the SIF coinciding with that merger, which effectively shortchanged additional distributions to insured credit unions by nearly $1 billion at that time; and deciding the agency could not co-mingle the NGN estates,” said NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt.
Hunt added, “These decisions resulted in all credit unions that paid into the stabilization fund to not be made whole. In addition, other credit unions who invested in certain corporates will not receive distributions. NAFCU is calling on the NCUA to look at all means that would make credit unions whole, including future distributions from the SIF.”
New Board Named
Separately, Debra Schwartz, president and CEO of Mission Federal Credit Union, San Diego, has been elected chair of NAFCU's 2020-21 board of directors.
"I am honored to be elected as NAFCU board chair and to continue serving the best interests of the industry in this new capacity," said Schwartz, who has served on NAFCU's board since 2012. "As credit unions work to help our nation recover from recent crises and all Americans become stronger financially, know that NAFCU and our board of directors stand by your side fighting to achieve a healthy regulatory environment and providing the tools, resources, and strategies needed to thrive."
NAFCU officers for 2020-2021 are, in addition to Schwartz:
- Thomas W. DeWitt, vice chair and Western Region Director, president and CEO of State Farm Federal Credit Union in Bloomington, Ill.
- Gary A. Grinnell, treasurer and Eastern Region Director, president and CEO of Corning Federal Credit Union in Corning, N.Y.
- Brian T. Schools, secretary and Eastern Region Director, president and CEO of Chartway Federal Credit Union in Virginia Beach, Va.
Other Board Members
Other board members are:
- Karen Harbin, director-at-large, president and CEO of Commonwealth Credit Union in Frankfurt, Ky.
- Melanie Kennedy, Southern Region Director, president and CEO of Southwest Financial Federal Credit Union in Dallas
- James A. Kenyon, director-at-large, president and CEO of Whitefish Credit Union in Whitefish, Mont.
- Lonnie Nicholson, Southern Region Director, president and CEO of EECU in Ft. Worth, Texas
- Jan N. Roche, director-at-large, president and CEO of State Department Federal Credit Union in Alexandria, Va.
- Lisa A. Schlehuber, director-at-large, CEO of Elements Financial Federal Credit Union in Indianapolis, Ind.
- Keith Sultemeier, Western Region Director, president and CEO of Kinecta Federal Credit Union in Manhattan Beach, Calif.