I just read Lindsey Siegriest's column on "Searching for aCredit Union, but Coming Up Empty" (Gen Y Back Talk, CU Times, July2), and I loved the story. I have been working in the credit unionindustry since 1990 and am one of those many middle-aged people inmanagement within the credit union industry.

I have three children, ages 21, 18 and 16. All of my childrenwould go about looking for retail services in a similar fashion tothe way Lindsey did: using online resources and searches. My threechildren all happen to have credit union accounts, opened manyyears ago, because the credit union that I worked for at the timehad a kid's club account promotion. I couldn't agree more withLindsey's assertion that, "If you want us to sign up, don't justtarget us; target our parents, too."

I think all credit unions that allow family memberships shouldpromote children's accounts at an early age. These children'saccounts will someday result in increased checking accounts, debitand credit card accounts, auto loans and maybe evenmortgages.

Brian Bultman
VP of Information Services
HealthCare Associates Credit Union
Naperville, Ill.

Meeting the Needs of Latinos

I appreciated Credit Union Times' June 25 coverage of the LatinoCredit Union Conference--in particular, the message from BethpageFederal Credit Union Vice President of Corporate Development andGovernment Affairs Linda Armyn. Armyn rightly pointed out Latinos'need for multiple access points to their accounts, as well asinformation and materials provided in Spanish ("Speakers Urge CUsto Keep Service Simple When Serving New Americans").

A recent study by the Pew Hispanic Center suggests that Latinosare much more willing to use financial services than ever before.In fact, they often put convenience before cost.

But credit unions can offer both. Shared branching provides aperfect example of reaching out to Latinos by offering extendedbranch access where they need it. Along with numerous othertransaction services, Latino members of participating credit unionscan easily deposit checks or get cash at any of 3,300 sharedbranches nationwide. A number of shared branches haveSpanish-speaking employees and materials; and through CO-OP SharedBranching, Spanish-speaking members of participating credit unionscan find the nearest service center in their own language bydialing a toll-free phone locator service.

Latinos make up the fastest growing demographic in the UnitedStates, increasing 26% between 2000 and 2006. With this marketprojected to grow to nearly 30% by mid-century, credit unions canhelp them feel right at home.

Carroll Beach
President/CEO
CO-OP Shared Branching
Duluth, Ga.

Time to License Lenders?

Loan officers should be certified and licensed. A recent article byMichelleSingletary in

The Washington Post (syndicated to Florida Today on May 5)carried a headline "Let's start prosecuting faulty mortgagelenders." Now we see new regulations being promoted by the FederalReserve to "curb shady deals." The Center for Responsible Lendingstates that "weak regulation and oversight has led to the worstcredit crunch in generations."

Some years ago when I was teaching at the CUNA Lending Schoolsand the CUNA Financial Counseling Schools, I suggested that creditunion loan officer be licensed. There was no interest in havingqualified lenders. Credit unions could train their own. My barberhas to have a license and trade schooling in order to cut myhair.

Lenders--auto, credit cards and real estate mortgages--can justget a job and lend money. No license required, and their actionscan lead to all kinds of disaster and sad consequences. Granted,the hiring institution will provide training, but what is thestandard?

When I read about the unbelievable lending practices in the realestate, auto lending and credit card granting areas, it'ssurprising that legislation has not been passed to require alicense with strict standards.

Credit unions have had the slogan people helping people from thetime they began.

With all of the automated lending programs, off-premise outlets,auto dealer programs and other distant relationships, it is hard tobelieve that the personal touch exists.

It appears that loan officers do not even enter the equation. Isit time for a license requirement for credit union loan officers?For all lenders?


Ed Baranowski
Past President of Fairwinds CU (Orlando, Fla.)
President, Topics Unlimited
Melbourne, Fla.