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District Court within 10 days of the conservatorship, Filson said, for an order requiring the NCUA Board to show cause regarding why it should continue possession and control of the credit unions.
If nothing happens within the next 10 days, the NCUA has total, unrestricted, absolute power of your credit union and its assets, and it's not subject to any review by any party after that point in time."
Central Board Member Richard Johnson said he agreed with Filson, saying, "I think the cure the NCUA is offering is worse than the sickness."
Furthermore, Johnson said he doubts the NCUA has enough staff to handle all the credit unions that will require prompt corrective action as a result.
The industry veteran referred to the NCUA's last corporate takeover, when it placed Capitol Corporate Credit Union into conservatorship in 1995.
"This kind of activity smacks of days of old, during the CapCorp days when the NCUA would go into their closet and decide what they were going to do without talking to anyone about it," he said.
Western Corporate Federal Credit Union had the largest discrepancy between unrealized and realized losses, and debate on the issue peaked after the NCUA placed both the $23 billion WesCorp and the $34 billion U.S.
The NCUA staged a Webinar the following Monday to explain the decision to seize the industry's two largest corporates.
In particular, Callahan & Associates President Chip Filson questioned the decision, pressing the NCUA to make the third-party reports from PIMCO and others public.
The NCUA released a summary of its analysis of distressed corporate securities April 10 and a highly redacted copy of the PIMCO report the following week.
The NCUA and trades appealed to Congress, which approved measures May 6 that allowed the industry to stretch out the costs of the bailout to as long as eight years.
The NCUA advised corporates to eliminate their retained deficits by impairing member capital in October and November.