St. Paul Croatian Story Showed Danger Of A 'Calamitous Event'

Although I had already read online reporter Ray Birch's extensive article entitled, "One Failure, 1,000 Questions," about the St. Paul Croatian Federal Credit Union mess, it wasn't until my hard copy of the June 27th Credit Union Journal arrived via snail mail that I fully appreciated this extraordinary investigative journalism.

Mr. Birch's multi-page special report complete with photographs and Macedonian mobster mug shots succeeded at presenting this complex and almost unbelievable tale in context and with analytical insight. The narrative clearly outlined the multitude of lessons to be learned from this debacle-by the National Credit Union Administration and by the credit union industry.

Although as Mr. Birch wrote, the sad story continues to unfold, one can always hope that the needed corrections will be implemented. Such a calamitous event should never again tarnish the industry and its federal regulator.

Marvin C. Umholtz, President & CEO
Umholtz Strategic Planning & Consulting Services
Olympia, WA 98502

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