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June 3, 2002
This article hits directly at the heart of defining the future for credit unions. I would be interested in hearing the comments of other credit union professionials.
Agreed. Individuals should be able to choose non-profit financial co-operatives or for profit institutions. Unfair advantage will be claimed by banks but why should the public be forced to do business with for-profit entities if they can't compete on price and service.
IT IS ABOUT TIME FOR CREDIT UNION FOLKS BEGIN LOOKING AT THE FUTURE INSTEAD OF ALWAYS LOOKING AT THE PAST.
My wife and I belong to at least ten Credit Unions that are state regulated. We are not allowed to join Federal charted credit unions for some reason. The way we make money on money is what we call "Cherry Picking Interest rates" and this is the way Seniors do it. Thanks for allowing my opinions Jerry & Karen Webster Mesa, Arizona
I'm all for open CU membership. Wonder if CCUL would care to lead the charge? Jack Emerson, SAFE CU
Credit unions are what they are today because of their roots. Sure you can open up your membership to everyone and compete with the other intuitions who’s roots are profit making and for the benefit of a few. Competition breads higher fees, quotas for growth to compensate for the increased cost of competition, dilution of you common bond when it comes to membership pride and being part of something different, start to sound like a bank, it is! We can see the change in our local credit union community. CEO's are not as open to each other as they were before now that we are competing for each others members. Local chapter meetings are more subdued and lacking in attendance because of ill feelings (competition)!! There was a time when I pulled the local bank rates to see where we stood. Now I only look at the competing credit unions. I think the banks have us right where they want us, competing against each other. I can assure you that when it comes time to go in front of congress to preserve our tax exempt status the larger, open members ship based credit unions, will want to show off the smaller credit unions to make their point and guess what we won’t be there....
all though the subject is very interesting, the resulting change in FOM will result in Federal taxation. while all not bad, the result will be the death of some credit unions and unfair taxation to cus. there is no way that most credit unions will be able to take advantage of the tax exemptions and loopholes that are currently employed by most banks.
I couldn't agree more. We in Washington State are allowed statewide memberships based on communities through a simple board approved bylaw amendment. A great deal of fear is being generated in the credit union community. Fear of getting the banks mad and bringing on taxation. Our regulator has the opinion that competition is good for all consumers and has eased the rules to allow all Washington citizens a choice of any bank and now a great number of credit unions.
2014 Credit Union Performance In 7 Chart...
Industry Performance (3Q 2015)
Conversions Need to Rethink How Equity i...