I like this move by Fiserv and think it plays well for the firm keeping existing and attracting new financial institution clients. It shows its committed to the sector. Fiserv was a player in securities clearance and a player in the health field, but it is a force in financial services, and that's where it belongs. Kudos to CEO Jeff Yabuki for sharpening the company's focus.

- Corporate Business. U.S. Central saw its outlook downgraded from stable to negative by Standard & Poor's. This may happen in mass with other corporate credit unions from conversations I've had with key leaders. I urge credit unions not to overreact should this happen. Corporates and U.S. Central, by their nature, are going to hold mortgage-backed securities and feel a slight sting of the subprime problems. But many corporates have adjusted portfolios and reserved money to gird against this economic force. I will be the first one to point out corporates that haven't taken action.

Speaking of corporates, NCUA has shot down the WesCorp/VolCorp merger. It is very clear, as NCUA has said with natural person mergers, that it does not believe in paying out capital. This is also an example of a state regulator and federal regulator not wanting to step on each other's toes. WesCorp is taking the high road with this denial. That's commendable, but wrong. There is no reason this merger should not go through, other than silly politics. This merger wouldn't be large enough to get noticed in the banking sector. Get it done. This merger was announced in 2005. It is unfair to VolCorp, although it is pushing full steam ahead with its strategic plan, to be held in limbo. WesCorp and VolCorp should get much more vocal on this denial, and more importantly Tennessee credit unions should voice their displeasure!

- Not a Private Issue. I have heard from some of my sources that top leaders at NCUA are pointing to the Norlarco debacle as a perfect example of why private insurance doesn't work. Wrong! Norlarco has nothing to do with private insurance. It's about a federal regulator saying the state regulator acted too slowly in notification. If anything, this is an examination issue. I wonder if NCUA's work on Norlarco should be classified for the insurance fund and thus supported by the OTR or is it general examination work and covered by the operating fee? Anything that is going to be a threat to the federal insurance fund is NCUA's business, so passing the buck to the Colorado regulator doesn't fly. NCUA leaders should not be gloating about failures as examples of why private insurance doesn't work.

- Lafayette Languishes. Ending on a sad note, Lafayette FCU's lawsuit against former CEO Bill Brooks and his son Bill Brooks Jr. continues to bog down over procedural and deposition problems. Even Credit Union Times has been brought into the mix as Lafayette sought to depose reporter David Morrison. Of course the shield law kicked in and as a journalist Morrison was spared deposition.

This case is costing everyone money. Although Credit Union Times was able to work the system and avoid deposition rather quickly, there were some legal bills, but nothing to what the Brookses will have to go through or the credit union. How dare this credit union spend its members' money trying to prove the Brookses were involved in the anti-conversion push. The conversion failed! Lafayette needs to move on. By dragging this out in court they're just hurting their relationship with members and they're damaging their reputation. Let it go Lafayette! Start being a good credit union to your members. Take those legal fees and return them to members!

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