Mike Welch’s column in the January 28th issue, “Bank Mergers Produce Winners and Losers”, prompts me to share some thoughts. As a former banker, now three years into my credit union career, I must confess that much like the “two banking titans” named in the editorial, I too am “…unaware of all the reasons banking lobbyists devote so much of their time and resources towards trying to put credit unions out of business.” The former banker within feels that for the most part, my ex-brethren are preoccupied with asset quality, loan demand, ROA etc. just as we are. Simply stated, most bankers simply don’t have the luxury to worry about what local credit unions may be doing. In fact, I’d go so far to say that when bankers ponder credit unions, they likely do so with a degree of empathy because they realize we are both confronted by the same issues. It is my hypothesis, therefore, that lobbyists are individuals who need to create a sense of fear lest they suddenly find themselves with no dragons to slay. A knight with no dragons to slay can never save the fair young maiden. Since there are no real dragons, lobbyists contrive to create imaginary dragons – credit unions! Perhaps, if we could rid the world of excess lobbyists (in other words all lobbyists), we would suddenly find that career professionals from both banks and credit unions could join together and focus on some of the real issues confronting our two noble industries: excess and burdensome regulations, bankruptcy reform, the prevention of identity theft, shrinking margins etc,. etc., etc. Rick Stout Executive Vice President Charter Oak FCU Wallingford, Conn.

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?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


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 © 2023 ALM Global, LLC. All Rights Reserved.