CU Trades Backed the Wrong Horse in Bankruptcy Race

I, too, am in agreement with Jim Blaine of State Employees CU of N.C. on the bankruptcy issue. This bankruptcy “reform” will hurt families, farmers, and workers. It was pushed through by some the wealthiest and most powerful lobbyists – credit card companies and banks. Bankruptcy judges, lawyers, law professors and trustees opposed the bill. As Sen. Russ Feingold (D-Wis.) said, it is “wrongheaded.” I always thought the credit union slogan, “People, not profits” meant something – that credit unions should look out for their members. And then I found the April 27 Credit Union Times front-page article headlined, “Credit Union Trades, NCUA Celebrate Reform Bill Signing.” To say the least, I am extremely disappointed by credit union trades’ support of the bill. Also, what happened to another slogan, “Not for profit, not for charity, but for service?” This law doesn’t serve credit union members in any way. Even the part in the Act that calls for financial education doesn’t impress me since that is already part of a credit union’s mission. For CUNA and NAFCU to be in bed with the credit card companies and bankers is pretty sickening. Chuck Eikel Credit Union Development Educator Madison, Wis. Retired