"Why do credit unions still struggle with this?" Great American question. No one thing, no easy answer and in some cases, the truth hurts. First consideration- inertia. Inertia is a wonderful thing for those in power. It means they get more powerful and then abuse.. Think "politicians" and the 2 party system which is failing America in epic proportion. Most people, when asked will say "this election is the lesser of 2 evils". But, how many times have we said that? Then many will whine for another 4 years. Are we a nation of whiners? Don't think so. Inertia. Vote a third party. The parties are incapable of self correcting, they're too corrupted and drunk on power. Think politicians, party, CUNA. Second. Think "never believe in something so much that you stop thinking". I don't know who coined that phrase but it applies to credit unions. There are people in this movement that have done egregious stuff to "protect" THEIR version of the "movement". These people are at the agency, CUNA, leagues, and at credit unions. It comes in different ways but CCU losses, medallion loans, contingency lawsuits, television, charter conversion are just starters. All while carrying the "good guy" banner. CUNA and Nafcu cannot self correct. They have to be cut off from our members funds. Otherwise, we are whiners.not winners. Where does the convo go from here?
The minority speaks and no one is listening. The checks are being written, mailed, cashed and the beat goes on. Sorry guys, the picture JB posted from his breakfast table speaks a thousand words. You are all toast. So butter your behind and get on with your day.
I agree. We don't need two trades. Merge CUNA into NAFCU, save millions in exec salaries; less conferences we have to send our board volunteers. Win win.
NAFCU and CUNA will not merge. People need to get that into their heads and stop thinking it will ever happen. Mergers usually take place when one of the entities is struggling and sees no path for real growth in the future. In this case both are still raking in the money, paying the big salaries and believe they have their credit unions well on the fishing line with their hook suck deep into the credit union's lip. Less conferences? That is the stream of additional income for both of the money hungry groups. Have to send your board you board volunteers to these conferences? Really? We all know that is what keeps have of these "member first" people on the board. They come to a meeting and the only question they ask is "When and where is the next conference and how much do I get". So you see, this greed and self entitlement begins with the pandering of the trades and runs deep throughout the industry. Regardless of all the complaining, all the doers of good want to keep the status quo. After all, it's a big pie and everyone can have a piece. Some just want as big as one they can get.
I'm not sure I agree. I think they will merge and it needs to happen soon because there are 300 less credit unions every year. Not a sustainable business model. CUNA has way too many chiefs.
So you think they will merge? Perhaps you can lay out the scenario. Name of surviving association? CEO? VP's? Counsel? Economist? Lobbyist? Headquarters? What happens to the CUNA outpost in Wisconsin? Which support staff stay and which go? Even if such a venture was tried it would take longer that the time it is taking NCUA to give credit unions the ability to raise supplemental capital. Sorry, but to categorize the chances of a CUNA/NAFCU merger into one word---pipedream.
CUNA and NAFCU are destined to merge no matter what each organization has to say about it. CUNA has lost a fairly large number of larger credit unions even as SECU rejoined. All that is of course immaterial as the overall numbers continue to decline. The government is the greatest threat to survival piling on onerous regs, manipulating the economy and creating “unconstitutional” regulators and allowing them to continue business as usual. Imagine that. It’s as idiotic as the campaign for President. Without finding a way to preserve the smaller, member driven institutions while heading off senseless regulations I’m afraid we end up with the compressed and consolidated numbers that everyone predicts. Guess what happens when that eventuality becomes reality. Well just take a look at the major banks – their motives are self serving and I believe they don’t give a hoot what the ABA thinks about their activities. So CUNA and NAFCU work to develop a list of demands for congress that, as an example, would have Treasury refund to credit unions the cost of BSA activities. Are not those costly activities just a tax (unvoted) on the members of the credit unions pay for. Besides that government agencies are using us to do their work we should be compensated. Oh and I’m not interested in those who would suggest it’s unpatriotic to complain that’s hogwash. Bear in mind Trade Associations that there is also a judicial branch that might seem sympathetic to that argument even if the dullards in congress are not. Our biggest failure has been a lack of foundation in the movement. We get most of our replacement CEO’s from the ranks of out of work bankers and former examiners. I would suggest that most of them care less about the philosophy of credit unions especially when it interferes with their ability to make money. Establishment of Management Trainee programs designed to prepare people for management while intertwining the philosophical ideals of credit unions should be a priority. Back to the Trades. Recognize what credit unions are and strike to enable them, regardless of common bond, to have geographic extensions say around 5-10 miles of their locations. Operating in that “local community” where everyone can be a member might give them a fighting chance with a potentially larger member base. CUNA has not done much since the dust up about “choice” while NAFCU has expanded its accessibility and even offered a say to state charters. We continue to wait to hear what these associations plan to do about the diminishing numbers other than a having a “task force” say yup we are going to lose another 1 or 2 thousand. If that’s your best start folding the tent…..
Besides the cost save potential, what is the advantage of a merged CUNA and nafcu. Neither gets anything truly accomplished. Until credit unions speak in large numbers with their dollars...don't expect change except all the change that the trades didn't help us avoid that congress stews up.
Hey, where's that info on whether a big cu got free dues???
DENNIS, Here is your problem. The members of your CU would benefit greatly if you merged into a CU that is already offering better rates and service. Your whining about "cuna getting treasury to refund to credit unions" the cost of bsa. Yes it's expensive. Every bank and Cu is either paying it or they're too small or inefficient to. It's a security issue. What? We give you a pass bc your CU is small? The world has changed and in some unfortunate ways. YOU haven't changed with it. Here's the reality you ignore. 20 years ago there was you and other credit unions the same size. They adapted. You didn't. You argue that you're more CU "pure". They don't argue. They have enough size to offer value their members like and are compliant. You are not. Bottom line. You're no different than Wells Fargo CEO. Otherwise, you'd a done right by your members by now. You're just hanging on for the paycheck. Cuna worse.
This is more interesting than On the surface. What's it like to be Blaine Dawson Schenck Mooney Porter Sherrod Stuart etc and know that the clowns running the trades make as much as they do and don't have half the talent or contribution to society. Bet they don't think too much on that one. Can't blame them.
Personally never worried too much about the "money", that's the Board's responsibility. 'Course human jealousy and envy being what we all have a bit of...
Critique should be directed by members to Board...
For you and me : You can never pay those who work for money too little; and you can never pay those who work out of pride, principle, and purpose too much!
I have left messages with CUNA regarding the 2 years free dues for Pen Fed. There response was somewhat cryptic, "Pen Fed is a a dues paying member." But there has been no outright denial of the 2 years free. Stay tuned.
17 comments:
Because people like yourself continue to support the big black hole that is CUNA and all their highly paid chiefs.
"Why do credit unions still struggle with this?"
Great American question.
No one thing, no easy answer and in some cases, the truth hurts.
First consideration- inertia. Inertia is a wonderful thing for those in power. It means they get more powerful and then abuse..
Think "politicians" and the 2 party system which is failing America in epic proportion. Most people, when asked will say "this election is the lesser of 2 evils". But, how many times have we said that?
Then many will whine for another 4 years. Are we a nation of whiners?
Don't think so.
Inertia.
Vote a third party. The parties are incapable of self correcting, they're too corrupted and drunk on power.
Think politicians, party, CUNA.
Second.
Think "never believe in something so much that you stop thinking". I don't know who coined that phrase but it applies to credit unions.
There are people in this movement that have done egregious stuff to "protect" THEIR version of the "movement". These people are at the agency, CUNA, leagues, and at credit unions. It comes in different ways but CCU losses, medallion loans, contingency lawsuits, television, charter conversion are just starters.
All while carrying the "good guy" banner.
CUNA and Nafcu cannot self correct.
They have to be cut off from our members funds.
Otherwise, we are whiners.not winners.
Where does the convo go from here?
The minority speaks and no one is listening. The checks are being written, mailed, cashed and the beat goes on. Sorry guys, the picture JB posted from his breakfast table speaks a thousand words. You are all toast. So butter your behind and get on with your day.
I agree. We don't need two trades. Merge CUNA into NAFCU, save millions in exec salaries; less conferences we have to send our board volunteers. Win win.
NAFCU and CUNA will not merge. People need to get that into their heads and stop thinking it will ever happen. Mergers usually take place when one of the entities is struggling and sees no path for real growth in the future. In this case both are still raking in the money, paying the big salaries and believe they have their credit unions well on the fishing line with their hook suck deep into the credit union's lip. Less conferences? That is the stream of additional income for both of the money hungry groups. Have to send your board you board volunteers to these conferences? Really? We all know that is what keeps have of these "member first" people on the board. They come to a meeting and the only question they ask is "When and where is the next conference and how much do I get". So you see, this greed and self entitlement begins with the pandering of the trades and runs deep throughout the industry. Regardless of all the complaining, all the doers of good want to keep the status quo. After all, it's a big pie and everyone can have a piece. Some just want as big as one they can get.
I'm not sure I agree. I think they will merge and it needs to happen soon because there are 300 less credit unions every year. Not a sustainable business model. CUNA has way too many chiefs.
So you think they will merge? Perhaps you can lay out the scenario. Name of surviving association? CEO? VP's? Counsel? Economist? Lobbyist? Headquarters? What happens to the CUNA outpost in Wisconsin? Which support staff stay and which go? Even if such a venture was tried it would take longer that the time it is taking NCUA to give credit unions the ability to raise supplemental capital. Sorry, but to categorize the chances of a CUNA/NAFCU merger into one word---pipedream.
CUNA and NAFCU are destined to merge no matter what each organization has to say about it. CUNA has lost a fairly large number of larger credit unions even as SECU rejoined. All that is of course immaterial as the overall numbers continue to decline. The government is the greatest threat to survival piling on onerous regs, manipulating the economy and creating “unconstitutional” regulators and allowing them to continue business as usual. Imagine that. It’s as idiotic as the campaign for President.
Without finding a way to preserve the smaller, member driven institutions while heading off senseless regulations I’m afraid we end up with the compressed and consolidated numbers that everyone predicts. Guess what happens when that eventuality becomes reality. Well just take a look at the major banks – their motives are self serving and I believe they don’t give a hoot what the ABA thinks about their activities.
So CUNA and NAFCU work to develop a list of demands for congress that, as an example, would have Treasury refund to credit unions the cost of BSA activities. Are not those costly activities just a tax (unvoted) on the members of the credit unions pay for. Besides that government agencies are using us to do their work we should be compensated. Oh and I’m not interested in those who would suggest it’s unpatriotic to complain that’s hogwash. Bear in mind Trade Associations that there is also a judicial branch that might seem sympathetic to that argument even if the dullards in congress are not.
Our biggest failure has been a lack of foundation in the movement. We get most of our replacement CEO’s from the ranks of out of work bankers and former examiners. I would suggest that most of them care less about the philosophy of credit unions especially when it interferes with their ability to make money. Establishment of Management Trainee programs designed to prepare people for management while intertwining the philosophical ideals of credit unions should be a priority.
Back to the Trades. Recognize what credit unions are and strike to enable them, regardless of common bond, to have geographic extensions say around 5-10 miles of their locations. Operating in that “local community” where everyone can be a member might give them a fighting chance with a potentially larger member base.
CUNA has not done much since the dust up about “choice” while NAFCU has expanded its accessibility and even offered a say to state charters. We continue to wait to hear what these associations plan to do about the diminishing numbers other than a having a “task force” say yup we are going to lose another 1 or 2 thousand. If that’s your best start folding the tent…..
Besides the cost save potential, what is the advantage of a merged CUNA and nafcu.
Neither gets anything truly accomplished.
Until credit unions speak in large numbers with their dollars...don't expect change except all the change that the trades didn't help us avoid that congress stews up.
Hey, where's that info on whether a big cu got free dues???
It's on the prior day's comments - Oct 17, "Mission Accomplished" - sorry usually try to respond where question was asked... take a look!
Thanks
DENNIS,
Here is your problem.
The members of your CU would benefit greatly if you merged into a CU that is already offering better rates and service.
Your whining about "cuna getting treasury to refund to credit unions" the cost of bsa.
Yes it's expensive.
Every bank and Cu is either paying it or they're too small or inefficient to.
It's a security issue. What? We give you a pass bc your CU is small?
The world has changed and in some unfortunate ways.
YOU haven't changed with it.
Here's the reality you ignore.
20 years ago there was you and other credit unions the same size.
They adapted.
You didn't.
You argue that you're more CU "pure".
They don't argue. They have enough size to offer value their members like and are compliant.
You are not.
Bottom line.
You're no different than Wells Fargo CEO. Otherwise, you'd a done right by your members by now. You're just hanging on for the paycheck.
Cuna worse.
This is more interesting than
On the surface.
What's it like to be Blaine Dawson Schenck Mooney Porter Sherrod Stuart etc and know that the clowns running the trades make as much as they do and don't have half the talent or contribution to society.
Bet they don't think too much on that one. Can't blame them.
Personally never worried too much about the "money", that's the Board's responsibility. 'Course human jealousy and envy being what we all have a bit of...
Critique should be directed by members to Board...
For you and me : You can never pay those who work for money too little; and you can never pay those who work out of pride, principle, and purpose too much!
Don't forget what you are about...
I have left messages with CUNA regarding the 2 years free dues for Pen Fed. There response was somewhat cryptic, "Pen Fed is a a dues paying member." But there has been no outright denial of the 2 years free. Stay tuned.
Hey, Jim any chance you would take a break from Retirement and join us on a special International Credit Union day show tomorrow?
Jason, Sorry can't... on a plane heading South at show time ... perhaps another time.
Post a Comment