No Banks Allowed
In almost every issue of Credit Union Times as far back as I can remember there is mention of some dastardly deed perpetrated against the CU industry by those loathsome bankers. All the while, our trade associations have spent millions of credit union dues dollars fighting back. And, the CU industry, lead by corporate credit unions, maintains $100 billion-plus in deposits/ investments with ABA dues-paying banks.
Although I cannot dictate what corporate credit unions do, following my lead could get the bankers' attention. Ten years ago, CFCU invested about 20% of our assets in commercial banks. Today, I'm proud to say less than one-half of 1% is directly held with banks (although some of CFCU's $70 million in corporate CUs goes into banks).
I challenge all CUs, regardless of charter, field of membership, or asset size to dramatically cut the level of business you do with banks. It can be done. It needs to be done!