Managing the Legacy (Not Just the Present) at NCUA

Leaders of all the organizations within the credit union system are stewards of a mutually endowed legacy. That legacy includes financial and physical resources, but it also includes the values and promises to each other that were the basis for accumulating the resources in the first place.

 
 

Leaders of all the organizations within the credit union system are stewards of a mutually endowed legacy. That legacy includes financial and physical resources, but it also includes the values and promises to each other that were the basis for accumulating the resources in the first place.

Cooperatives depend on this ability to work together for common interest. If one participant in the system becomes ineffective or dysfunctional then all of the other participants will suffer as well. This interdependence is at the heart of the cooperative success.

The ultimate challenge is whether leaders will pass to their successors an enhanced legacy or, in the worse case, no legacy at all. Ms. Matz has inherited a very difficult set of circumstances – aspects of which resemble a train wreck. Moreover, the first months of her tenure have been filled with predictions that things will only get worse.

Questions for the Agency Leadership
However, a critical question is whether circumstances are causing these outcomes or whether it is the "mindset" that exists at the Agency. Are the Agency's legacy resources, and the promises made in accumulating them, being used in the best interests of the credit union system? Or are other motivations at work?

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Oct. 29, 2009


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