Be careful who you listen to on corporate network regulation.
Joe Herbst, CEO of Members United, is the last person we should be listening to when it comes to what is best for corporates. Of course he thinks all corporates should be combined, as that is the only way his will survive. The same goes for the CUNA group of CEOs, who are all members of corporates who burned them.
I wouldn't want to recapitalize my corporate if I had just written off millions of member shares. The people who need to be listened to are the corporates who did not get caught up in mortgage-backed securities and are still a viable,
Our membership at Corporate Central Credit Union, Milwaukee, has never been stronger or more needed. It may be small in comparison to some of the larger, in trouble corporates, but the notion that Herbst claims they are a pass-through is nonsense. Our corporate offers the same full menu of proprietary services that the large corporates do (or did). They have no OTTI and are already on their way to meet the capital requirements in the new reg.
We will not stand for our corporate to be thrown into the mix of the bad decisions made by these large corporates.
Tom Young
President
Pioneer CU
Green Bay, Wis.
