A few quick thoughts come to mind after reading Paul Gentile's April 11 column entitled, "Don't Wait on NCUA to Battle Market Challenges."
There is an expression that goes something like this: "Necessity is truly the mother of invention".
Shame on Continental! It appears they are swinging into action and visiting with employees to determine what people want from the credit union only after the hostile bid is industry news. Where were they before this occurred? Perhaps if new products had been unveiled late last year (instead of being planned for later this year) the whole mess would have been avoided.
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Shame on the trade associations! Vehemently urging their regulator to do something is hypocritical isn't it? Aren't these the same credit unions that moan we have excessive rules and regulations already? To quote another old expression: "You can't have your cake and eat it too".
Finally, shame on those who think they can still hang their hats on the sanctity of the "cooperative structure" of credit unions. Offering a helping hand in the time of a natural disaster is one thing. Letting business opportunities slip away simply because a complacent credit union shares your field of membership is quite another.
If you don't capitalize on the weaknesses of a poorly managed credit union, it is a good bet your local bank will.
Care is needed. Too much cooperation amongst credit unions could undue nature's "survival of the fittest" rule. Should that happen we may have a landscape where only banks and credit unions that have converted to banks endure. Richard Stout Senior Vice President/COO Charter Oak FCU Groton, Conn.
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