METAIRIE, La. — The actions of central banks and the subprime market were the hot button issues at Louisiana Corporate Credit Union's 2007 annual meeting.

Attendees were treated to a unique perspective from CNBS President/CEO and self-proclaimed contrarian Brian Hague who says that the actions taken by the central banks may not be enough.

"Cutting rates is likely to prove insufficient to resolve the current crisis without creating a new, perhaps worse one," Hague said. "The huge amounts of leverage underlying today's financial transactions have dramatically increased what the effect would be if borrowing costs also were to rise."

Hague also presented an overview of the economy at the annual meeting. Other presenters included Alexis Anderson, managing director of the EARN Foundation of LA DOTD Federal Credit Union, who shared information about the work of the nonprofit foundation in reaching all facets of the community with the long-range mission of developing a financially literate community through education, counseling and advocacy; and LaCorp President/CEO David Savoie, who reported on the corporate's "outstanding financial soundness and earnings" and highlighted its newest product offering, branch capture.

The following board members were also re-elected Donald Bock of New Orleans Firemen's FCU and Larry Landry of Dow Louisiana FCU. Board members continuing their terms include Cary Anderson of LA DOTD Federal Credit Union and Emmet Foxworth of Coastland FCU. Elected as officers are Dr. Larry DeRouen, chairman; Paul Bertuccini, first vice chairman; Julius Wagoner, second vice chairman; Gay Cook, treasurer and Mark Rosa, secretary.

Supervisory Committee Chairman is George Florane of Shell New Orleans Employees FCU. Supervisory members include Ginger Manint of Eagle Louisiana FCU, Richard Turnley of Southern Teachers and Parents FCU, Robert Brown of Louisiana USA FCU, and Charles Kramer of Aneca FCU.

ALM Committee members include Rosa, Bertuccini, Foxworth, Landry

and Savoie.

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