Polemic About Journal Was All Fury, But No Substance
Alan Theriault's polemic (CU Journal, May 3) was pure rhetoric-sound and fury but no substance. Conversion of credit unions to mutual to banks serves only one purpose: to enrich directors and management, period. NCUA, CUNA, NAFCU and credit union members should push for a simple remedy to these Robin Hoods in reverse by having the Federal Credit Union Act amended to prohibit conversion by credit unions to any other type of charter.
For those of you who buy into Mr. Theriault's smoke-and-mirror you might want to consider the long-range effect of this shell game on your tax status. In the eyes of any responsible legislator witnessing the conversion of credit unions into commercial banks it has to weaken any claim we have to tax exemption as a not-for-profit organization.
I assume Mr. Theriault's livelihood depends on disrupting the status quo.
John U. Barker, Treasurer
Hudson River Teachers FCU, Cortlandt Manor, NY