I just read Lindsey Siegriest's column on "Searching for a Credit Union, but Coming Up Empty" (Gen Y Back Talk, CU Times, July 2), and I loved the story. I have been working in the credit union industry since 1990 and am one of those many middle-aged people in management within the credit union industry.

I have three children, ages 21, 18 and 16. All of my children would go about looking for retail services in a similar fashion to the way Lindsey did: using online resources and searches. My three children all happen to have credit union accounts, opened many years ago, because the credit union that I worked for at the time had a kid's club account promotion. I couldn't agree more with Lindsey's assertion that, "If you want us to sign up, don't just target us; target our parents, too."

I think all credit unions that allow family memberships should promote children's accounts at an early age. These children's accounts will someday result in increased checking accounts, debit and credit card accounts, auto loans and maybe even mortgages.

Brian Bultman
VP of Information Services
HealthCare Associates Credit Union
Naperville, Ill.

Meeting the Needs of Latinos

I appreciated Credit Union Times' June 25 coverage of the Latino Credit Union Conference--in particular, the message from Bethpage Federal Credit Union Vice President of Corporate Development and Government Affairs Linda Armyn. Armyn rightly pointed out Latinos' need for multiple access points to their accounts, as well as information and materials provided in Spanish ("Speakers Urge CUs to Keep Service Simple When Serving New Americans").

A recent study by the Pew Hispanic Center suggests that Latinos are much more willing to use financial services than ever before. In fact, they often put convenience before cost.

But credit unions can offer both. Shared branching provides a perfect example of reaching out to Latinos by offering extended branch access where they need it. Along with numerous other transaction services, Latino members of participating credit unions can easily deposit checks or get cash at any of 3,300 shared branches nationwide. A number of shared branches have Spanish-speaking employees and materials; and through CO-OP Shared Branching, Spanish-speaking members of participating credit unions can find the nearest service center in their own language by dialing a toll-free phone locator service.

Latinos make up the fastest growing demographic in the United States, increasing 26% between 2000 and 2006. With this market projected to grow to nearly 30% by mid-century, credit unions can help them feel right at home.

Carroll Beach
President/CEO
CO-OP Shared Branching
Duluth, Ga.

Time to License Lenders?

Loan officers should be certified and licensed. A recent article by MichelleSingletary in

The Washington Post (syndicated to Florida Today on May 5) carried a headline "Let's start prosecuting faulty mortgage lenders." Now we see new regulations being promoted by the Federal Reserve to "curb shady deals." The Center for Responsible Lending states that "weak regulation and oversight has led to the worst credit crunch in generations."

Some years ago when I was teaching at the CUNA Lending Schools and the CUNA Financial Counseling Schools, I suggested that credit union loan officer be licensed. There was no interest in having qualified lenders. Credit unions could train their own. My barber has to have a license and trade schooling in order to cut my hair.

Lenders--auto, credit cards and real estate mortgages--can just get a job and lend money. No license required, and their actions can lead to all kinds of disaster and sad consequences. Granted, the hiring institution will provide training, but what is the standard?

When I read about the unbelievable lending practices in the real estate, auto lending and credit card granting areas, it's surprising that legislation has not been passed to require a license with strict standards.

Credit unions have had the slogan people helping people from the time they began.

With all of the automated lending programs, off-premise outlets, auto dealer programs and other distant relationships, it is hard to believe that the personal touch exists.

It appears that loan officers do not even enter the equation. Is it time for a license requirement for credit union loan officers? For all lenders?


Ed Baranowski
Past President of Fairwinds CU (Orlando, Fla.)
President, Topics Unlimited
Melbourne, Fla.