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This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.

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December 8, 2003


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Anonymous

7/26/2012 03:57 PM

In response to the guy with the hair up. Credit unions are cooperatives and members have the right to determine their future. CU members are not organized for promoting a socialistic agenda like rescuing those using a payday lender, addressing national financial literary rates, perpetuating NCUA or a trade association. Why should my net worth be wasted on some social agenda. You are misinformed about who a cooperative is formed to serve and what credit union cooperatives stand for. Your philosophy would never work if you were trying to organize a credit union today. Regarding pay day lending and banks - this is America and these companies are filling a need, their market share is the best indicator of their value. People ultimately vote with their money. In conclusion, the article is fine, it's your comment that causes me great concern about what I am a part of.

Anonymous

7/26/2012 03:57 PM

Did anyone else out there have the hairs on their neck stand at attention when reading this article? I am glad to see that Callahan provides a forum for all points of view, but this article hits at my core. Credit Unions do not have the same financial motivations and dividend pressures as Banks. As such, they offer something to members that banks will never truly approach – a focus on what’s best for the member rather than what provides the best spread to them. With financial literacy in our country in need of desperate repair, and with the “vultures” providing Payday loans experiencing the fastest growing loan market in the country, we need to rally against the notion that moving to a bank charter is REALLY good for the consumers we serve. We need to remember what the CU movement is all about! We need remember, reinforce and preserve the differences between banks and credit unions. The financial well being of millions is dependent on it!
From someone that believes in the movement and what it stands for!

Anonymous

7/26/2012 03:57 PM

Thanks for selling out Callahan. Then again, you've been rehashing and selling government info back to CUs for twenty years so what should we expect.

Anonymous

7/26/2012 03:57 PM

I beleive the decision to convert is up to the each CU. If they can't compete, it's a good option. They are very restricted as to the type of loans they can make. The notion that CU's give back the profits to their members in the form of better rates is a joke. There are many banks across the country that offer better rates then CU's. The CU's will die over time unless they stay competitive and grow. You can only go in two directions...Forward or Backwards. They need to move forward and not be limited in their practices. The CU's that have converted to stock have raised considerable funds in their IPO's. They will shine above many. They have $$$ to grow.

Anonymous

7/26/2012 03:57 PM

States are moving in at a rapid pace to decrease - or at least make it more difficult to convert - to a mutual savings bank or other form of structure. OUCH!

Anonymous

7/26/2012 03:57 PM

Give me a break. Acceptance by the market does not indicate that they are providing value as much as it shows that they are taking advantage of an unfortunate demand ...akin to a drug dealer providing a fix. And yes, credit unions do have a responsibility to people! If done correctly, a credit union can enrich the lives of people in their communities and provide the best possible value to their members. You should be concerned about what you are part of…because the attitudes you express are more synonymous with that of a banker than those that are part of the credit union movement! Everything does not come down to personal gain.

Anonymous

7/26/2012 03:57 PM

I enjoy reading a radically different perspective. It motivates me even more to be vigilant and active in opposing those who try to pervert and undercut the credit union message for personal gain. This game has been played out over the last 30 years and we know what the end game is. Lets keep the scorecard and spotlight on those who have converted so that we continue to document who really gains in these conversions. If you ask an employee of a mutual savings bank (opps you will have much more luck finding former employees) they can tell you that it surely will not be the former members.

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