Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Messrs. Becker and McDonnell may find this hard to believe, but there are some pretty smart CEO’s and board members in this business who have chosen private share insurance because it was the best option for their members, their credit union and their particular situation. I’m still trying to understand why NAFCU and its largest dues paying member have taken it upon themselves to save credit unions from all that is evil by bad-mouthing private insurance. Did the idea originate with Navy FCU, and NAFCU is simply helping them carry the ball? Is it an attempt to enhance the federal charter by eliminating an option for state charters? Are they trying to cause concern in the minds of members belonging to privately insured credit unions? Whatever the reason, publicly criticizing private share insurance based on personal opinion or one historical event is both irresponsible and dangerous. I don’t even want to state the worst-case scenario that could result from this kind of self-serving rhetoric. Show me some hard data that says we’re playing it loose in the safety and soundness area and I’ll certainly consider going back to federal insurance. That’s hard data, not personal opinions. I’m not suggesting that private insurance is the answer for all eligible credit unions, but I am suggesting that credit unions should have the option to do what’s best for their situation. In my opinion, having options translates to future growth, and I’m glad that most of our true industry leaders are looking to the future rather than dwelling on the past. Gene Roberts CEO Financial 21 Community CU San Diego, Calif. P.S. Publisher Mike Welch is right..their timing is lousy.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.