Because members of most modern credit unions are clueless concerning who is running their credit union, and it is almost impossible to hold board accountable,a significant internal control concern needs to be addressed. Autonomous Boards make irresponsible decisions. Stock companies may eventually be run by idiots, were credit unions structure leads to a situation when many credit unions are always run by idiots.
It is amazing that we have survived as an industry to this point...with such poor internal controls and cooperative structure. I guess the safe passage through the financial crisis was just dumb luck? Idiot management and idiot Boards exist in the for-profit banking world too...see Certus Bank...just saying.
There are several "Robusterians" from Duke Street have achieve stupid idiot status. Watch the Board vote on RBC regulation to get a certification of the status.
Because members of most modern credit unions are clueless concerning who is running their credit union, and it is almost impossible to hold board accountable,a significant internal control concern needs to be addressed. Autonomous Boards make irresponsible decisions. Stock companies may eventually be run by idiots, were credit unions structure leads to a situation when many credit unions are always run by idiots.
ReplyDeleteIt is amazing that we have survived as an industry to this point...with such poor internal controls and cooperative structure. I guess the safe passage through the financial crisis was just dumb luck? Idiot management and idiot Boards exist in the for-profit banking world too...see Certus Bank...just saying.
ReplyDeleteA man once leaped off the Empire State building. As he passed the 64th floor someone heard him yell: "So far! So Good!"
ReplyDeleteChicken Little once said...
ReplyDeleteYes! She is...
ReplyDeleteCan you do both?
ReplyDeleteThere are several "Robusterians" from Duke Street have achieve stupid idiot status. Watch the Board vote on RBC regulation to get a certification of the status.
ReplyDeleteWould it be stupid or idiotic to not convert to a mutual bank if NCUA passes the RBC regulation in its present form?
ReplyDeleteLooks like Sen. Franken has discovered a future source of comedy material at ncua.
ReplyDelete"Heard the one about RBC.."