WASHINGTON-How to resolve the corporate credit union losses overshadowed nearly every aspect of CUNA's GAC, but there were a few other things mentioned along the way, including:
* Having a hard time finding the silver lining in the current crisis? Consider this: ABC Anchor Bob Woodruff, who sustained an almost-mortal brain injury while covering the war in Iraq, also found at least one positive result of his ordeal (which included a 36-day coma and having to relearn most of the English language): he now has the perfect excuse for avoiding certain tasks, "I can't clean up the basement, I sustained a major brain injury." Woodruff and his wife, Lee, shared their story about how they came through his ordeal and now advocate on behalf of wounded soldiers.
* Only in Florida would a credit union base its mission statement on a paraphrase of a line from the classic golf comedy movie "Caddyshack." In his final GAC appearance as CUNA chairman, Suncoast Schools FCU CEO Tom Dorety told the audience that his CU's vision statement is: "Be The Member."
* And if you're really going to "Be The Member," then there are few important things to keep in mind, Dorety suggested, noting that members do not care how the corporate situation is resolved, nor are they likely to care that other financial institutions were helped by TARP to the detriment of credit unions who (at least thus far) have not been similarly helped. What they do care about, Dorety said, is that credit unions continue to do everything possible to help them, and that means not cutting back on products and services.
* Dorety also had what may be the best rallying cry for the movement right now: "Don't waste a good disaster." "We need a concerted, unified effort to get reasonable access to [supplemental] capital," he said, noting that now is the perfect time to be pushing for this. The problem, he said, is CUs are distracted by all that is going on and are allowing themselves to become fragmented.
* GAC Emcee Paul Berry offered up a new definition of the word "liquidity," during a break between speakers. "Liquidity is when you look at your retirement plan and wet your pants."
