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July 4, 2011
Excellent points and analysis Chip. Unfortunately where NCUA is concerned transparency is a one-way street.
Sounds like you hit the nail on the head wit this one Chip! "Jody" is finally pissed! Keep telling it like it is!
I guess it is only appropriate that Mr. Filson celebrate the 4th of July by firing his guns, and like always, he shoots from the hip, and like always misses the target. I have always found his writings to distort the facts and not tell the true story. The uneducated in his audience actually belive what he says. Mr.Filson, the prepayment program was requested by CUNA allegedly because some, not all credit unions wanted this option. It seems to me that NCUA provided a program to consider. Some like it, some don't. That is the norm for CU's. We all know the industry can never agree on an issue. Doesn't anyone ever wonder why an increase in member business lending or an alternative capital plan cannot get through Congress? Answer: Some credit unions want it, others don't Don't you think Congress can see that Credit Unions cannot even agree amongst themselves what they want and need? Free riders? This is a term the credit unions themselves created. They said they do not want to pay for someone else to benefit from the program without putting some skin in the game. Cooperative movement? One for all and all for one? Maybe a long time ago when the founders of the system forged their ideas of what a financial institution should be, but today in credit union land, like everywhere else, it's every man or woman for themselves. Transparancy? how about disclosing the salary of all employees and the benefits Directors receive from the Credit Union's? Credit Union's created the corporates and benefited from them when times where good. When times got bad, some failed, but they are part of the system and credit unions must bear the cost of their failure. Prepayment, assessments or whatever you want to call them, credit unions are going to bear the full cost. There is no way it will be less than stated. No program will reduce the cost of the systems failure. And, since you like quotes so much, how about, "Credit Union's were formed for the members, not to take from the Members."
I read Jody's comments. Sorry "anonymous" but she is the one who is right on! You are still part of the minority that just don't get it,never will and cannot move on.
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