Credit Unions:
Are we becoming what we were created to correct ?
Supplemental capital ? Another "talking head" TV cameo ? Unite for Goats ?
"CUNA: WORKING FOR WHAT ?
...AND FOR WHOM ? "
UNITE FOR GOATS!
From the CUTimes: "CUNA EVP of Credit Union System Relations Susan Newton made a point in an email to league presidents that trade association advocacy of a White House appointed and Congressionally confirmed regulator is inappropriate."
Ms. Newton said: "While we admire and respect Chip and his passion and commitment, given CUNA's role here in Washington and our work with the Obama administration and Congress, we believe it is simply not appropriate for us to lead the effort. Any public involvement by CUNA to advance someone forward onto the board of the agency that we actively advocate with on a daily basis would likely be detrimental to both the candidate and us."
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| Just Ducking Around !!
What else is CUNA doing which is more imporant than a competent NCUA Board - Biz loans?
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If advocating for a competent candidate is below CUNA's dignity "given CUNA's role here in Washington"....
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| How perturbing !! |
... then shouldn't you end your nationwide CUNA PAC contributions before you compromise yourself (or us!) any further !!!
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| PAC UP !!! |
"CUNA: WORKING FOR WHAT ?
...AND FOR WHOM ? "
UNITE FOR GOATS!
7 comments:
It is your member's funds that support this type of silence on very important matters.
CU-Nots !
What a minute!? CUNA is THE number one wanna be only lobbying group for the CU industry and they can't lobby for a truly Qualified and knowledgable candidate for NCUA Board? Who do they work for?! Credit Unions!!! Who do they lobby for?!!Themselves. sonething is seriously wrong with this. Maybe Frank is right to get out and just have his own lobbyist. I think CU are doomed from all fronts if the lobbyist and the regulator continue to collude.
The Credit Union National Administration - CUNA
The National Credit Union Association - NCUA
CUNA EVP Newton speaking for the largest credit union trade association directs her constituents to remain blind, deaf and dumb when it comes to NCUA board appointments. Once again we see the tail wagging the dog. There is no real surprise here. CUNA President Cheney reports a salary (2011 IRS form 990) of $1,129,651. How can anyone plan for retirement with a $1M+ salary? They can't so CUNA provides an additional $172,500 in Deferred Compensation. CUNA President is the credit union's industry lead lobbyist. The same Cheney who served on the Board of Directors at USCentral & WesCorp FCU. See where that Director leadership got us? How much did that Director talent cost the credit union community? The same Cheney that went from WesCorp Director to WesCorp DEFENDANT after the conservatorship. So for a time the NCUA held Cheney as a WesCorp FCU DEFENDANT. Now he leads the trade association. And finally CUNA goes silent on NCUA Board appointments. CUNA has been bought and paid for from the credit union community. Keep paying your CUNA dues and contribute heavily to CUNA PAC. At a salary of $1,129,651 + Deferred Compensation of $172,500 we have the best CUNA President MONEY CAN BUY!
The 9:50 post evidently refers to Frank Pollack, CEO of PenFed. PF has dropped out of both CUNA and NAFCU in favor of retaining its own lobbyists.
Frank is well-known for a sharp eye for efficiency and cost effectiveness as the low cost of operating expenses at the CU clearly demonstrates.
Petition for removal of insurance fund.
It's the only answer.
Otherwise, just complaining.
Maybe that's all we're doing and all we want to do?
"I commit to a lifetime of supervisory harassment that has proven to be dangerous and a risk to my member's capital. I promise to keep throwing away money to Cuna, cause its such a good investment of my member's funds".
Or.
"I commit to pursuing to a removal of the insurance fund from NCYA. Whatever it takes, til congress listens and accepts the responsibility for their lack of supervision on NCYA and the damage it has caused to our members. Rushing to the rescue and in recognition of their poor oversite, congress agrees to remove the insurance fund".
Signed, every credit union that wants to do something and thereby actually say something.
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