BankThink

As I was growing up, my mother was the CEO of a credit union, so in a way I've been in the credit union industry my entire life. From an early age I can remember the sense of family and community I felt among staff and members alike when I would visit my mother's credit union. Everyone was friendly and knew each other by name, and it was a very comfortable and welcoming place to be. Most importantly, I noticed that the people working at her credit union had a sincere desire to help their members with their financial needs - a true commitment to the credit union philosophy of "people helping people."

It was a warm Friday evening in July 1997, and we had just returned home from the World Council of Credit Unions forum in Vancouver, BC. We greeted Rachel, our long-time friend and co-owner of the cooperative house we shared in Brooklyn, New York.

If the current economic situation makes you want to forego marketing your credit card portfolio-think again. 2009 offers an unprecedented opportunity for credit unions to gain market share, reach out to worthy consumers who need credit, and build a more loyal membership base.

It only occurred to me after I had climbed into the back seat of the rental car with three strangers that this might become one of those stories tucked inside the local news section of the paper. Dead man found on side of road. No ID. Nobody reported missing.

An amazing thing has happened to the Commodity Futures Trading Commission since President-elect Barack Obama came to town: It has actually started to matter. Its newfound relevance is derived mostly from Gary Gensler, the man appointed by the new president to lead it.

Harvey Pitt, who was chairman of the Securities and Exchange Commission from 2001 to 2003, admits that the agency has major flaws, but says it shouldn´t be demolished. Mr. Pitt discussed with BankThink his idea for how to improve examinations without more spending, and what to do about the Commodity Futures Trading Commission.

A new year, a new Congress and a new set of problems will greet those returning to Washington from their holiday vacations. With the first tranche of bailout money overallocated by the Treasury Department and scant improvement in the housing market, there´s no chance of 2009 getting off to a slow start. While there are just three official hearings scheduled, observers of the Hill anticipate action on some or all of the major issues: a stimulus package, the housing crisis, appropriations and regulatory restructuring.

No, he didn´t agree to an interview, but we have still managed to decipher some of Eliot Spitzer's views on regulatory restructuring. What a capitalist!

I still remember the toughest question posed to me during my first job interview at the National CU Foundation: "How is your experience at a for-profit international management firm relevant to running a non-profit credit union foundation?"

In this, the centennial anniversary of credit unions, I can think of many examples throughout my 22 years in the credit union world that personify the credit union spirit. But perhaps none so singularly as a recent mortgage modification. In this instance, one of our members had begun to have difficulty making his mortgage payments. Our staff reached out to him and discovered he is a member with special needs and is confined to a wheelchair. Because of the unique accommodations that he requires in his home, keeping him in it was particularly important. I have great satisfaction in knowing that our efforts have helped him during this challenging time.