We love hearing from our readers here at CU Times. Here's a sampling of the comments recently posted to our website in response to some of our hottest stories.
"NCUA's Budget Designed to Protect Credit Unions," July 24
"The NCUA and the credit union system paid billions of dollars in losses for years of cost-cutting that hindered our ability to do our jobs."
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Are you [Debbie Matz] arguing that if the NCUA simply had a larger budget, the agency would have been able to prevent the financial meltdown, corporate failures and their aftermath?
—CUWarrior
Spot on, CUWarrior. She is intentionally misplacing blame for the meltdown. It was Dodd and Frank who poked holes in the ship in the first place, and when it started to drown, they were rewarded with "patching" it all up again.
—Bill Board
"Compliance Burdens Weigh on Small Credit Unions," July 24
The problem with letting a camel's nose in your tent is that the entire camel will soon follow. STOP the CFPB NOW! They are hurting the folks they are trying to protect and costing us needless and endless time and energy. They are already the cop, judge, jury, and executioner without any oversight or controls. You really think they will be a gentler and kinder regulator going forward? Really? Come talk to me about the bridge I have for sale!
—1stValleyCU
"Where Does Service End and Charity Begin?" July 31
"[Andy] Reed's friend, BALANCE President/CEO Kathryn Davis…will provide financial counseling to help [Harry] improve his finances. As Reed said, credit union employees didn't just want to put a Band-Aid on a bullet hole. They wanted to help Harry move forward and improve his life."
There it is. The credit union difference. They gave him a fish. Now they're teaching him to fish. Member education is the great untapped gold mine for credit unions.
—Bill Board
"MBL Rule Proposal: A Regulatory Philosophy Change," July 31
As a commercial lender with 40 years of experience, I would not be in any great hurry to eliminate personal guarantees on MBLs. They help much more often than they harm, and help keep the borrower properly focused. When I worked for banks, before moving to a credit union, we often required personal guarantees.
The notable exception to personal guarantees is lending to publicly held corporations, which credit unions cannot currently do.
—Jerry Goldstein
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