SAN DIEGO - Perhaps appropos of the just-concluded Olympics, Fred Becker quotes Chinese philosophy in looking at what's ahead for credit unions.
NAFCU's CEO took a break during a recent event it hosted to tell Credit Union Journal current economic conditions represent both a crisis and an opportunity for CUs, which is represented by the Chinese character known as "waijee."
"The economy, specifically how the housing market is affecting credit unions and their members, is the opportunity of a lifetime," he said, when asked what are the biggest issues facing federal chartered credit unions. "It is an opportunity to pick up market share because the bankers are hobbled. They are being blamed for the mess the country is in."
Recent events in financial circles are moving past Wall Street to Main Street, in the form of modifications to America's vocabulary, Becker continued. Students now say they "Bear Stearned" a test, and unhappy diners report meals were "subprime."
"We want to protect all credit unions from collateral damage as the legislature tries to address the subprime crisis," Becker said. "We didn't cause it, but now we have to make sure we are not impacted."
Becker expressed the hope that NCUA will promulgate the community charter rule it took up in April. "It sits there and festers. We want to see things move forward," he declared. "We want the agency to approve community charters soon."(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
