April 16, 2007


  • What distinguishes credit unions from for-profit banks is not simply "rates and prices" but attitude. When it''s just about the money, you can always tell.
    Ron Bensley, Jr.
  • Chip, We agree completely on that point -- the founders did not have interest only mortgage loans and 84 month autos in mind. I doubt they would''ve loved "courtesy pay" either. But credit unions have become addicted to the income. There needs to be balance between what is right and what is profitable. PS -- How cool is this? I love the debate. Thanks Callahan!
    Denise Wymore
  • I agree, but only in part. I believe lending is what empowers members. While thrift matters, loans help raise them to new opportunities. Credit is our first name. However living a life built on debt is not what the founders had in mind.
    Chip Filson
  • Chip, Your question of credit union''s relevance in the 21st century is a much needed one. Thank you for addressing it. I''m most concerned that the credit union movement has gone from promoting thrift to promoting debt. I think we differ in our definition of a robust economy.If it is, in fact, the "good times" why does the average American household have $8k in unsecured debt and posted a negative savings rate last year? If credit unions were chartered to promote thrift and to make loans for provident and productive purposes I would say we are failing miserably. If we want to be relevant in the next 75 years - we need to find some religion. Where''s a wealthy Boston merchant when you need one?
    Denise Wymore