Oh My, My...!! Hit The Road Jack?

Really Spewing !

        HOT FLASH !!!
             

FROM THE CUTIMES:  "As I've said before, it behooves Professor McWatters to step down from his ivory tower, come into the office for more than his typical three days per month and engage in our policy-making process," Matz said.  "Mr. McWatters had ample opportunity to raise any issues about the collective bargaining agreement during the briefings he received over the course of many months, but he chose not to. I look forward to the time when Mr. McWatters raises his concerns with the staff instead of through the press."


"McWatters, however, said his concerns with the Chairman were not personal..." [see entire story here].

Well now, Mr. McWatters may not be taking this personally, but it would appear someone else sure is!

But let's try and be adult about all this, okay?  And, analyze and resolve the problem rationally. There appear to be three obvious options available to greatly improve the performance of the NCUA Board given recent experience:

1).  Mr. McWatters could come in more often.

2).  Ms. Matz could come in less often.




Or perhaps ....

CUNA In Denver: Planning "A Head"....?

The CUNA System Planning Committee:      [1990 Version]

A quarter of a century ago:  "In June 1990, the CUNA Planning Committee made a diagnosis: Credit unions were still gaining members, however their membership growth had nearly stalled.  If the trend continued, the credit union movement's purpose would likely be relegated in the next century to chapters of a history text." 

CUNA's answer 25 years ago?

"Credit Union Moonshot will potentially kindle the rediscovery of credit union ideology. It is a contemporary way to express the core of credit union ideology. The end is to further the mission of the credit union movement, as alive and unifying as it ever was..."  

Credit Union Moonshot - CUNA's best shot 25 years ago at addressing an ominous future - was an innocent little bit of silly puffery which blew up on the launch pad, never to be mentioned again with a straight face. It usually takes more than "hot air" to reach orbit - substance and spark really do matter to most folks!

But times have changed, in 2015 CUNA now has the  System Structure and Governance Task Force. [2015 Version]

From its initial reports [in which time is not an issue, urgency of no concern], the SSGTF appears to be "heading" into Denver infatuated with fantasies of taking their own shot at a little mindless "deck-chair rearrangement" on the CUNA Mothership.  

And, if they're excited now, you can just imagine how their excitement, exhilaration and euphoria are going to grow when they "hit" downtown Denver!!!

At the America's Credit Union Conference

 there will most definitely be...

  

"DELIRIUM IN DENVER" 

...when CUNA announces...

Don't Be A "Sorry" Sorry...

Just say you're sorry.

"Don't ruin a good apology with a weak excuse."

States' Rights...

Mighty Michigan!

Well, the Michigan League has either A) stepped out front or B) stepped out of line!

[I'd give 'em an "A"] 

Either way, we have finally found firm evidence of some real "backbone" amidst the timid, perpetual, internal diddle-daddle over what CUNA should become, whenever [if ever] it decides "to grow up".  

Dave Adams and the credit unions of Michigan deserve high praise - and support.  An honest, open dialogue on the future of CUNA among credit unions - not among functionaries conflicted by self-interest - has long been needed and too long thwarted by the "parties that be."

What did the credit union folks up in the Wolverine State vote overwhelmingly to do?  The Michigan Credit Union League (MCUL) voted to (see CUTimes story here) rightfully pan and disdain the preliminary report of CUNA's Structure and Governance Committee.   The CUNA Committee's "efforts to date" are an embarrassing, fumbling, mish-mash of convoluted hem-and-haw, which irrefutably confirm that CUNA has lost touch with the local grassroots "credit union peasantry" - whom CUNA was created to serve. 

Standing up!
Refusing to kneel...

The MCUL credit unions simply voted unanimously for local autonomy, local control, and local choice.  Michigan decided to get off its knees and firmly reject CUNA's requirement that all credit unions bow down to "the whims of Washington". Sounds like democracy has broken out all over Michigan. What a wonderful cooperative principle!

Most importantly, do you know what CUNA's response was to Michigan's unanimous resolution? 

"Blowin' In The Wind"...

Taking an old friend down to the beach toward the end of July. We're heading out for Oak Island, which is at the southeastern tip of North Carolina near Southport, at the mouth of the Cape Fear River, just above the South Carolina line. 

My friend Clyde used to live on Oak Island with his wife - both wonderful credit union members.  They had retired there to the beach and were pretty sure it was as close to heaven as you could possibly get in North Carolina. 

Lots of folks agree with Clyde about Oak Island, which shelters three beaches - Long Beach, Yaupon Beach, and Caswell Beach.  Bright white sand with warm, delicate breezes; a casual, shorts and flip-flops sort of crowd; with a "slow-to-the-point-of-stopping" pace; and fine, "just-off-the-boat" seafood [served any way you like it, as long as you like it fried!]. 

Sea oats, sea turtles, and seashells.  A "nothing-much-to-do" kind of place. Yep, pretty close to paradise. Truly one fine place to live happy....

Never been to the beach with Clyde before and won't be going again. This trip is one of those "bucket list" visits - last time, last chance, last call.

This trip is about taking care of Clyde....

Playing The Odds....

FOR CUNA IT'S:

 "Denver: Decision Time" (DDT) !

The odds on this little dust-up appear highly toxic for the host team.  As we've seen in prior posts, it seems clear that on a cost basis, for medium to larger credit unions, dues at CUNA are approximately twice the dues at NAFCU.  

And, that comparison is before any discussion of the costs and benefits of local league membership, which are not included. League costs are extra, over and above the costs of membership in CUNA (or NAFCU!) 

So, what's up for grabs with NAFCU's expansion of membership to include federally-insured, state-chartered credit unions? First, according to CUNA, 38.7% of all credit unions are state-chartered.  

Here's the breakdown:

     ** Range$m   $100/250     $250/500    $500/1B    >$1B

           # CUs           722              347              241        237

           TTL        $ 113B        $ 122B       $ 169B     $655B

           Assets

           % St.          44.7%         44.7%        55.6%    54.9%

           Chrtr.

           @# St.         318              152             132        131          

           Chrtr.

           @ St.           $48B          $52B          $90B      $216B

           Assets

**These four groups of credit unions (1,547 total) represent about 85% of total credit union memberships and close to 90% of total credit union assets.

So, it would appear that CUNA has at risk as many as 733 (318+152+132+131= 733) state-chartered credit unions with assets of  $406 billion ($48+52+90+216=$406B) who for the first time could choose to join NAFCU and cut their national dues cost by one half.

That's literally tens of millions of dues dollars at stake for CUNA - not a minor exposure! 

(a 50% Off Sale!!!).

But, what is NAFCU's exposure to membership loss in all this?

Swimming With Sharks...

"Hey, where'd everybody go?'

You may have noticed the news reports concerning an unusual rash of shark attacks along the coast of North Carolina over the last few weeks. 



Scary stuff, but still very much a rare event despite the news hype, so: "Y'all come on down!"

Most of you know that CreditUnion Watch nemesis Keith Leggett has recently retired from the ABA to the beaches of North Carolina. Called him up to check on him; y'know to make sure he was alright.

Asked him if he was worried about the sharks when he was out in the ocean? 

He said: "Listen as a former banker those sharks will never bite me." Why," I asked, "do they not eat pork?"

"No, Jim, in any business or trade it's called..."

On The Fourth Of July...

AIN'T THAT AMERICA...

HAPPY FOURTH OF JULY !!

Rants And Raves...

The Mitchell News -Journal
www.mitchellnews.com

*  The U.S. will never be the Country it once was. Our national anthem should be "The Star Strangled Banner" and our motto should be "What Happened?"

*  I was charged $3 for a small order of tater tots the other day.  Won't happen again in this lifetime.

*  One of the drawbacks of reunions is that old flames seem to keep getting older.

*  Don't know who was the worse, Bush or Obama; but it's pretty clear we're losing in the bottom of the ninth, with two out and look who's in the on-deck circle.

*  The SPCA's Annual Fur Ball will be held July 23rd.

*  Can't believe the cost of school lunches! A bowl of vegetable soup and a few crackers used to cost 5 cents and a plate lunch was a dime.  A half-pint of milk cost another nickel.  Those were the good old days when times were bad.

And especially look out for...

Jumping Jack Flash.....

Thought we ought to take a little break today in the CUNA/NAFCU "run for the roses" dialogue.  After all, we're heading into a long weekend and need "to lighten up" a bit; and besides, The Rolling Stones played North Carolina's Capital City last night! So... Rah-Lee, Rah-lee !!!



But so what about The Stones?? Well, it simply means that this morning, I have over 400 scheduled business meetings in my office, with young baby boomers from all up and down the East Coast - seeking a note from "the doctor" that they are in Raleigh for legitimate business reasons!  Being a long time Stones fan, I've tried to accommodate them all, but it's going to be a l-o-o-ng morning.....!!!!

So, being way too busy and fully occupied with this  "business travel intrigue"; thought it might be OK to re-run my personal "Mick Jagger experience" one last time... (just to make sure none of us take ourselves too self-importantly seriously!).... 

So here goes.....

The worst thing about an ego is that it's a highly fragile, extremely eccentric, and remarkably convoluted little piece of work - overly sensitive, easily deflated, difficult to manage, with a high tendency toward frequent bruisings.  An ego - usually functioning at one unflattering or embarrassing extreme or another - is truly an "off-track" emotional roller-coaster, short a seatbelt and prone to abrupt, unexpected stops.
  

Mine hit the wall the other day. It was quite a crash and I didn't even see it coming....