X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Here’s something for credit unions to think about while they read the continuing coverage about the losses suffered by consumers from corporate crime. If investors were to sue to recoup losses to their portfolios, it is unlikely that they would recover very much as a result of the $1.4 billion settlement between U.S. securities regulators and the Wall Street investment banks. The settlement amount is a drop in the bucket compared to the annual revenues of these banks, and miniscule compared to the revenues these banks generated during the stock market boom. American consumers are outraged by the frauds these banks perpetrated. The fraudulent activities damaged or destroyed retirement accounts, along with thousands of jobs. Consumers may feel powerless in the face of such corporate wrongdoing, but they can show how they feel about organizations that take advantage of the public-by canceling their Citibank and Chase credit cards, and moving their accounts to credit unions. United States credit unions are non-profit, member-owned financial cooperatives, and they played no role in these conflict-of-interest scandals. By voting with their pocketbooks, consumers can punish corporate crime. More importantly, if enough consumers move their business away from those who abuse the public trust, consumers will be helping to deter future financial crime. This gives new meaning to the term “capital punishment.” Henry W. Wirz President and CEO SAFE Credit Union North Highlands, California

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

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.