'Not All of Us Are Drinking the Kool-Aid,' Exec Says

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I have read letters from Mr. Dennis Fisher (here and here) expressing relief that credit unions were not able to access TARP funds, much to the dismay of Dan Mica, CUNA, the CUNA Board, and the CUNA Governmental Affairs Committee (Marshall Boutwell, member) and I am sure other credit unions. I have read the letter from Mr. Marshall Boutwell, attacking Mr. Fisher and praising the work of Dan Mica in CUNA's efforts to place credit unions at an even greater risk by accepting "tax payer" funds.

Mr. Boutwell is again praising Mica for his efforts in moving the Corporate Stabilization legislation quickly through congress. Well, congratulations to Mr. Mica, who has single-handily placed credit unions in an even more dangerous financial position. Most, not all, credit unions were at least in a position to absorb the one-time hit to their capital and replenish the insurance fund. Now, because of very questionable reasons, all credit unions will be making payments to the insurance fund for the foreseeable future (at least the next seven to eight years).

Mr. Fisher, please do not stop railing, because there are more of us here that agree with you than you know. Not all of us are drinking the Kool Aid that Mr. Mica and Mr. Boutwell have on that table.

David A. Roman, CEO
Cosden FCU, Big Spring, Texas

Credit Union Journal encourages reader feedback. Letters to the Editor can be sent to Managing Editor Lisa Freeman at lfreeman@cujournal.com. Letters can also be faxed to 561-832-2939.

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