First of all, I applaud the Credit Union Times for bringing the conversion debate into the forefront. In my opinion, if a credit union decides to completely change its business model-converting to a bank, mutual or otherwise-the retained earnings accumulated under the old business model should stay in the industry. This capital, and all of it, could be funneled as seed money to allow new credit unions to be formed and keep our industry growing. Callahan & Associates keeps reminding us all of the dearth of new credit unions. Without new growth, can we really survive even another 20 years? If we kept all the money in credit unions, this would certainly invigorate the movement. Can you imagine the level of excitement with the birth of each new credit union? Like many other credit unions, I have worked too hard building capital to see it all taken away by opportunists. Quite simply, let the would-be bankers do their thing on their own dime.

Peter J. Sainato

President & CEO

Justice Federal Credit Union

Washington