BankThink

The comments attributed to Mr. Prins (CU Journal Online, Feb. 11) reflect either an indifference to, or a lack of understanding of, the fiduciary duties of a director of any financial institution, including a credit union. Messrs. Franklin and Cheney, and all the other U.S. Central directors, have a legal duty not to disclose to any third party-including their respective employers-any confidential information about U.S. Central that they learn in their capacity as U.S. Central board members. Notwithstanding the intertwining relationships common throughout the credit union system, credit union directors are equally subject to the same legal duties as are the directors of any other corporation.

Sometimes you need a simple solution to a complex problem.

In the months leading up to CUNA's Governmental Affairs Conference this week in Washington, the trade group promoted attendance with the slogan, "Be Bold. Be Heard. Be There." It might need to try, "Be-gin. Be Civil. Be Done." when it comes time to turning on the audience microphones.

Echoes of CNBC commentator Rick Santelli's rant against President Obama's new anti-foreclosure plan yesterday are still reverberating around the Internet, and with good reason. Mr. Santelli managed to make the floor of the Chicago Mercantile Exchange look like the inside of a General Motors plant, with gruff, put-upon workers booing the unfair burden with which the federal government had shouldered them. But as bankers and traders awoke this morning and saw some bank stocks close to 20-year lows, the contradiction in Mr. Santelli's thinking was evident.

It sounds so noble. Let's "nationalize" the banks. There's an air of "the taxpayers are in charge now" that makes the notion seem romantic and noble. It's very Obama-esque.

This week in Washington promises to be quieter than the last. Some of us have a three-day weekend, and some of us have a nine-day weekend. That´s right; I´m talking about Congress, which gets a weeklong break. Unfair! But they do need time to go home and talk to constituents about their problem-free work on the stimulus package. It was smooth sailing!

It would be wishful thinking to imagine a feel-good movie about banking this year. But does the industry really deserve this latest offering from Hollywood?

Sadly our industry seems to have forgotten our own history. In going after expansion, have we turned our backs on the very reason for our existence?

The credit union movement is at a major crossroad in its storied history. Current economic conditions, combined with market liquidity frozen as a result of the mortgage crisis, has caused pain among all financial industries, especially within the banking industry and the credit union movement. Despite the fact that the "best financial minds in the world" got caught up in this crisis with unheard of losses, it appears that many within the credit union movement would prefer to scrap the whole corporate credit union network because they obviously have no appreciation for the contributions the network has made to the whole movement, or the corporate credit unions' role in the success of the movement over the decades. No doubt, without the corporate credit union movement there would be a lot fewer credit unions, large and small.

After reading the "Finger-Pointing Erupts Over Corporate Bailout" article (CUJ Feb. 6), I have a feeling of consternation yet one of total resolve. For the good of the industry as well as Rockdale FCU, I feel it ill-advised for industry leaders to make proclamations that may not be true. From the last few months' media coverage of various financial events including congressional hearings, is it wise to think Congress is the solution to our challenges when we, as an industry, should and can solve our own problems and in result, better serve America.