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NCUA is a “kid glove” regulator

first_img 47SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Banks and credit unions are subject to many of the same laws and regulations. But the difference is in how the bank and credit union regulators implement these laws and regulations.The latest example of these differences was highlighted by Credit Union Times. The article looked at the Office of the Comptroller of the Currency (OCC) recently issued new civil money penalty guidance and Bank Secrecy Act/Anti-Money Laundering (BSA/AML) supervision procedures and then looked at what NCUA is doing.With regard to civil money penalties, National Credit Union Administration (NCUA) Public Affairs Specialist John Fairbanks stated that the agency has not assessed civil money penalties for regulatory violations since Debbie Matz was named chairman of the NCUA. The only exception is for credit unions that are late in filing their call reports. Debbie Matz was named chairman of NCUA in 2009. Over that same time period, banks have been subject to numerous civil money penalties for various regulatory violations. continue reading »last_img read more

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PECO BACKPEDALS ON SABOTAGE YARN

first_imgIn an interviewwith Don Dolido over DyFM Bombo Radyo Iloilo’s “Bombohanay sa Udto”program, Cacho denied that he categorically accused the said powercompanies of conniving with each other to sabotage PECO.  Kintanar furtherexplained that their team tried to put back the plant online but the unstablegrid voltage caused delays in starting the plant’s auxiliaries, ultimatelyaffecting the start-up of the power plant unit.  Unfortunately,Unit 3 also tripped off due to an imbalance in the boiler. For its part,PCPC, owner of the CFBC Power Plant in Concepcion, Iloilo, clarified that theirplant was hit by an unplanned outage caused by an external grid event.  He admitted thatit was just speculation, saying, “We can only speculate. As ofnow, speculation lang na ang saamon.” “Nobody wantedthis to happen. The negative impact caused by the power outage affected notonly our power consumers but also us in PCPC. We want to assure all ourcustomers that we will continue to work tirelessly to deliver our commitment ofa stable power supply,” said Kintanar. ILOILO City – Aday after Panay Energy Development Corp. (PEDC), the National Grid Corp. of thePhilippines (NGCP) and Palm Concepcion Power Corp. (PCPC) issued clarificatorystatements about the twin blackouts in Panay Island last week, Panay ElectricCo. (PECO) denied accusing rival MORE Electric and Power Corp. (MORE Power) ofpower of sabotage and black propaganda. “The drop in gridvoltage caused by the trip of the power plant in Iloilo City resulted in anautomatic trip of our plant.  This is a protective system meant to preventmajor damage to our facility,” said PCPC Operations and Maintenance (O&M)head, Engineer Albin Kintanar, in a statement. For his part,MORE Power pesident Roel Castro expressed disappointment in PECO. Je added: “Giventhe sad state of their system plus a master electrician running the operations,there is no need for a sabotage for the extended blackout to happen.”/PN In a report,PECO’s head of Public Engagement and Government Affairs Marcelo Cacho wasquoted as saying, “The coal plant shutdown and the almost-simultaneous polefires in different areas of Iloilo make me wonder if there’s somethinghappening behind the scenes, or is this sabotage by those who want to ease usout of Iloilo to force our hand to give up?” To recall, PECOin press releases early this week described the power outages that hit IloiloCity on Oct. 29 and 30 as highly irregular. The tripping alsocaused critical issues in the boiler and turbine of the Concepcion plant; thiscaused the plant to get back online in three and a half days. Global BusinessPower Corp. (GBPC). for its part. explained that the Oct. 29 power outage was atechnical problem which caused Unit 1 of PEDC’s coal-fired power plant to tripoff. PECO then notedthat Roel Castro, president of MORE Power, used to head PCPC. NGCP, on theother hand, explained that the Oct. 30 blackout was due to the trippingof the submarine cable connecting Negros to Panay islands. Normalcy wasrestored though after two hours, thus adding it was not their fault if IloiloCity suffered a 12-hour power blackout. The widespreadpower outage occurred when power distributorship in Iloilo is being contestedin the courts by franchise-less PECO and franchise holder MORE Power. With this, PEDC’sUnit 2 as well as Unit 3 started up by around 10 p.m. on Oct. 29. “Just provefactually and objectively there was sabotage. Prove before making anystatement,” said Castro.last_img read more

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