BankThink

As I was just browsing the latest CU Journal, I was somewhat surprised to see the logo of Salmon Falls CCU in the merger “funnel” (CU Journal, July 7).

When Michael Fryzel assumes the chairmanship of the National Credit Union Administration next month, he’ll represent more than just the latest in a line of presidential appointees who survived all the deal-cutting and trade-offs needed in Congress to make it to the board–he’ll bring a new set of eyes and, ideally, some much-needed scrutiny and hard questions over who’s minding the store over at the deposit insurance fund.

The recent letter to the editor regarding CUNA CEO Dan Mica’s (CU Journal, July 7) salary was disturbing and disappointing–not from the perspective of what his benefit package is or how much he gets paid, but from the perspective that the writer seems to have overlooked his 10-plus years of leadership as CUNA’s President/CEO, which has resulted in accomplishments too numerous to mention. His relentless and tireless pursuit of ensuring that credit unions remain a choice for consumers, his lobbying efforts on behalf of all credit unions in keeping the bankers at bay, and his endless pursuit in ensuring that credit union regulatory relief remains a priority and gets passed are testaments to his leadership at CUNA. To call into question his salary/benefits package and whether it is “people helping people” was unfair and unfounded. I, for one, as well as many of my colleagues, think that Dan Mica is worth every penny that he earns.

When a credit union engages a vendor in contract negotiations for a new technology platform, the process often becomes muddied, lines are blurred and terms of service become unclear. Without proper due diligence, oversights on behalf of the credit union often result in costly after-conversion upgrades and maintenance.

Editor’s Note: this letter was written in response to “NCUA Warns of Tougher Supervisory Stance” (CU Journal Daily Briefing, July 11).

Can you really understand the plight of the underserved if you are eating a $17 slice of pie?

Recent CU Journal Views and Opinions writers have correctly addressed the need for credit unions to maintain relevance with their membership. One writer suggested we “wake up and smell the coffee.”

There are few moments of truth in our business, but when they come it makes everything we do worthwhile. They come when you get a letter of thanks from a grateful member or when you’re recognized for your work by your peers.

The mortgage lending industry can be likened to commercial fishing, and we see two distinctive types of fisherman competing within the space. The big-bank national mortgage lenders act as a fleet of large, modern fishing trawlers, casting and dragging their huge nets through wide swaths of the lending seas. They have countless branch offices bobbing along suburban streets like an endless line of floats. The second type of lender–local lenders such as community banks and credit unions–function like local fishermen with fewer resources, smaller boats, less bait and a few private fishing holes they try to keep secret.

Gas prices are going up. Home sales and new home starts aren’t going anywhere. And grocery prices are starting to make gas look cheap. Yes, if feels like overnight our economy went from busting through the seams to just plain bust. And everyone is being asked to find more business while spending less money.