However, I remain stuck on human nature. I'm not a psychologist or sociologist, but there is one other "ist" characterizing American society that keeps me from endorsing the idea: capitalist. Americans, though generous with charitable contributions, are often hung up on their possessions, including money. Unlike a charitable donation, this would be an investment on which they would like to see a return.

Yet, unlike the stock market, in which one could pull out at anytime, credit unions accepting capital investments would almost certainly have to set a time frame during which the capital deposit could not be returned to investors–even if the credit union fell into poor health during this blackout period.

Additionally, if the credit union started going downhill, I can't imagine that the secondary capital depositors wouldn't want a say in how the institution was run.

I would like to clarify from my earlier stance though that, while I personally am against it until I see a way that all of these factors and more can come into balance in practical application, I'm not opposed to others trying. Credit unions want and need their options.

Credit unions are finally getting some justice in the enormous data breach cases of the last couple of years, including TJX, BJ's and others. It's hard to believe that 11 people wreaked such havoc, not only financially but in terms of security issues and guidance. While criminal activity is always wrong, the retailers do deserve some culpability here, as do the card brands that did not enforce their previous security policies, however inadequate.

Credit unions and other lenders were not the ones to drop the ball on security matters because financial institution safeguarding of personal financial information is highly regulated. Unfortunately, unless retailers also have government regulation in this area, it's going to happen again; there's another finger pointed by this Monday morning quarterback.

Odd to think of it, but a long-term Democratic congressman during an election year when the Dems are expected to win larger majorities in the House and Senate, and possibly the White House, is in a tight race. Fast credit union friend Paul Kanjorski (Pa.), co-author of the landmark H.R. 1151 and several current credit union bills–namely the Credit Union Regulatory Improvements Act, appears to be in trouble this election cycle.

The credit union trades and local credit union backers are bringing out their checkbooks to aid the congressman, who has helped credit unions so much on Capitol Hill. Kanjorski's current situation is a prime example of why credit unions need to get more politically active to maintain, and add, Washington allies. If credit unions assist Kanjorski to victory, it is logical his friends and others in Congress will come to the conclusion that they, too, might find credit unions valuable allies as well.

The defeat of Congressman Kanjorski, the No. 2 Democrat on the House Financial Services Committee, would be an enormous blow to credit unions' work in Washington. If CUNA's PAC is going to dole out a wad of cash in independent expenditures, as it did last election cycle for Sen. Joseph Lieberman (I-Conn.), this is the candidate to fund.

In a curious coincidence, it just so happens that I was faced with the opportunity to give my credit card information away to sleazy fraudsters just the week before our Fraud/IT Security Special Report in this issue (see pages 20-22). Don't get me wrong: I get the same Nigerian lottery scam e-mails and others, posing as credit unions and banks where I supposedly have an account (which I don't) that needs reactivating, which I delete immediately.

However, for the first time, I received a call on my office phone allegedly from my credit union stating that there was fraudulent activity on my credit card (which I actually do have) and to call a certain number; I could see where it would be pretty convincing.

I find myself lucky for many reasons doing the job that I do, and having the background knowledge to handle this situation is one of them. I checked my credit union's Web site and found a fraud alert posted describing exactly what I had just experienced. I promptly e-mailed my credit union, thanking them for the alert and letting them know what had happened.

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