Some of us have "whined" a good bit about the unbelievable scandal at Wells Fargo, have "groused" about the less than ideal choice in Presidential candidates, and "raised the alarm" that our democratic government seems to have become a "pay to play", Wall Street insiders' joke on the people...
It seems that the credit union movement may have a little potential BILLION DOLLAR SCANDAL [link] of its very own on its hands. Probably isn't; quite sure it's all on the "up-and-up", because credit unions are "the guys who wear the white hats" in the financial services arena, right? Right! Absolutely! Unquestionably! Without a doubt!
Well, if so, then there can be absolutely no reason for NCUA not to publicly air the full story behind how the contingency legal fee arrangements were thought to be beneficial, how prospective firms were identified, and the process through which the firms were selected. How can the truth hurt anyone? What would there be to hide? Why wouldn't we want to confirm to credit unions, Congress, and our 105 million taxpaying members that "Credit Unions are different!"?
AND YOU KNOW WHO SHOULD ASK...
HERE ARE THE NAMES OF YOUR ELECTED TRADE ASSOCIATION BOARD MEMBERS:
NAFCU [link]
CUNA [link]
District Map [link]
NAFCU [link]
CUNA [link]
District Map [link]
Y'KNOW THE FOLKS YOU ELECTED TO REPRESENT YOUR CREDIT UNION'S BEST INTERESTS!
 |
| You voted for 'em! |
YOU DO REMEMBER CASTING THAT THOUGHTFUL, WELL-INFORMED VOTE, DON'T YOU?!?!
YOUR DUES ARE SUPPOSED TO COVER THIS SORT OF INQUIRY, AREN'T THEY??!
[Nothing wrong with withholding your dues check until you get a straight answer, is there?]
YOUR DUES ARE SUPPOSED TO COVER THIS SORT OF INQUIRY, AREN'T THEY??!
[Nothing wrong with withholding your dues check until you get a straight answer, is there?]
9 comments:
When the economy was tanking and credit unions were wondering if they would still be there when the dust settled, the trades, the leagues and credit union executives were either running for the hills or putting their heads in the ground. None of that group wanted the finger pointed at them or be accused of being part of the problem. The fact is that they all praised the corporate network and the people in charge while they took the big investment income and never questioned what was being done. None of that group had any solutions. All they did was hide and say not my fault. And now some are coming out of the closet and saying they were robbed. We should have got all the money. When did the philosophy of the credit union movement become me me me. The critics are proving themselves right. Credit union CEO's and all the brilliant commenters are whiners, self serving individuals who if faced with a problem wouldn't know where to begin to solve it.
They didn't just praise the network, they were on the board of directors of the 2 biggest, USC and Wescorp.
It's accountability time.
Jim you are absolutely correct.
Hold off the dues payment to both trades until there's an answer on why credit union members paid 23% when fhfa paid 2% and while fhfa recouped BILLIONS more.
And the follow on...
...while the NCUA beats the living crap out of credit unions if they don't "shop" their bond purchases.
It's easy for me to say, we are unaffiliated w the trades. Waste of money.
We have not paid CUNA dues for 20 years and we (as long as my voice is heard and vote counts) wont be paying any in the future. Nussle can do all the smoke and mirrors he wants, increase communications with the unwashed but it wont change the fact that they have given up on saving hundreds if not thousands of credit unions. He can contend that they are effective lobbying but they are not they cant get anything meaningful accomplished. We wearied of the cost of overpaid, ineffective association executives long ago. They really have no clue. Every time We thought of Mica and his 40 grand a week salary we couldn't help but be happy to be "out". They are much happier going along so they can get along....
Unfortunately Dennis you are in the minority. The flock will continue to follow the leadership of the inept individuals CUNA continues to hire from Congress. Mica could never get anything done when he was in the House. They don't pass bills or get someone involved in important matters they do not respect. His record in Congress was dismal and even worse at CUNA. And now you have Nussle. Pompous, barely knew what a credit union was and counting the days he can add his CUNA pension to the one he gets from the taxpayers.
All this crap happened under Matz, Fryzel and Hyland. They signed off on the contingency deals and didn't explain the RFP process nor the selection process nor the fee structures. The credit union press and I believe the trades attempted numerous Freedom of Information Act requests and they were all shot down under attorney-client privilege. Members of CUNA's leadership and executives were on the board of the failed corporates and none of the corporate board members have been held responsible for their lack of oversight. And no one from NCUA has been held accountable either.
Show a picture of Bob Siravo, Francis Lee, Kent Buckham and rheir respective boards.
Drop the mic.
The trades didn't ask for foia on ccus.
They WERE the ccus.
They were on the boards.
23% to get a net of $4B NCUA.
2% to get 10x that FHFA.
HAMPLE wrote concocted bull crap that the losses wouldn't be that much and we would all be better off paying it and shutting up.
He purposely and knowingly papered this while Fenner hired his buddy to the contingency deals against Executice Order.
We got what we asked for. And now we are going to pay again...taxi medallion loans.
We have only ourselves to blame. There were people in thindustry thst tried to tell us and we didn't listen.
All this crap happened because of greedy credit union CEO's and crooked CEO's and board members at the corporates. Perhaps some of the commenters should realize that they do not have to look very far to see who the real screw ups are.....just look in the mirror.
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