RALEIGH, N.C.– One of Jim Blaine's goals for a renewed CU alternative capital discussion would be a unified industry position on access to it, even if CUs continue to disagree about whether or not they would use it.
Blaine is CEO of the $15.9 billion State Employees' Credit Union and a long-time advocate of alternative capital for credit unions.
"Too many people have been concentrating on getting CUNA and NAFCU together on this," Blaine said, characterizing NAFCU's position as opposed to alternative capital for credit unions and CUNA's as stuck in neutral. "That is really an example of moving the deck chairs around on the Titanic. It's fine for some in the industry to oppose alternative capital for credit unions. Once the tools are in place, don't use them. But don't stand in the way of other people being able to use them."
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Blaine said the issue is particularly striking since the current rules effectively bar natural person credit unions from an approach to capital which is common to other cooperatives around the world.
"This was and is the credit union model," Blaine said. "We back our credit unions and if we do well we get a dividend and if we don't, our money is at risk. Let us have the same tools all other cooperatives have the world over."
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