Over the last few months the Credit Union Times has covered five different credit unions at which CEO embezzlement and fraud occurred. These failures of leadership have left in their wake an abundance of angered and disillusioned members.
In fact, in a recent exchange of messages with a member of one of these credit unions, I found a person so disenfranchised due to her experience that she is now a bank customer. Her perspective, and perhaps also the perspective of many other members and credit union leaders, is that the fault lies with the criminals.
I agree, but I also believe another body is at fault: the respective boards of these damaged institutions.
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