American Bankers Association Senior Vice President and SeniorEconomist Keith Leggett will retire from his post in January.Following are Leggett's Top 5 most controversial quotes aboutcredit unions that have graced the pages and website of CUTimes. Leggett will continue his Credit Union Watchblog after his retirement.

1. Credit union soul searching.

“When you say anyone with a heartbeat can be a member for$10 or $20 'donation', you've lost your souls because it's amovement away from the core value of credit unions. There's nocommon bond in a $20 bill.” ~ CU Water Cooler Symposium 2012, where he challenged the industry toponder if it has lost its soul?

2. Ownership is overrated.

“What is it you get to exercise as an owner outside ofvoting for a board of directors? When you look at thatownership stake you can't transfer it, can't sell it, can't take itwith you. So while you give a great PR line that 'you own us,'I don't see anything being concrete with regard to ownership. Ontop of that do you treat your members as owners?” - CUWater Cooler Symposium 2012, questioning the ideaof “ownership” at credit unions.

3. Level the playing field.

“It's another attempt by credit unions to be more likebanks. And if they want to do that they should pay taxes, it's afair tradeoff.” - on creditunions wanting supplemental capital authority.

4. One big dysfunctional family.

“Credit unions and banks are cousins. And like familymembers, we sometimes get along and sometimes fight. There aremajor issues that confront the financial services industry, and ifwe don't work together, our business models will be damaged.”– Fromthe Dec. 7, 2009 dinner meeting of the Metropolitan AreaCredit Union Management Association.

5. Isn't it ironic?

“Credit unions want to make the debate into JPMorgan Chaserelative to credit unions. In reality, roughly half of bankshave assets under $100 million. Our whole issue is not withthe vast majority of credit unions. The focus is on the new breedof credit unions. Economists use statistics like a drunkarduses a lamppost: for support.” – On credit union lobbyists' use of statistics in response to bankerarguments in 2004.