Trades, Vendors Should Help CUs with Costs
Editor's note: the following letter was written in response to "Regulators Seek Ways To Mitigate Corporate Burden" (CU Journal, Feb. 23)
Trades and suppliers should also be about mitigating the effect of the corporate bailout.
I would like to add a suggestion to mitigate the effects of a corporate bailout. Here is a thought that every trade association, supplier and vendor should be considering: start sharpening your own pencils and spend some time to try and reduce the costs credit unions have with you. If you are the trades, and the credit unions you serve are facing this problem (they are), you should have already ordered every department head and responsible manager to start their own cost cutting efforts with an eye to reducing the burden your client credit unions face.
Credit unions should demand this if you do not voluntarily do it. It is a desperate time for credit unions and we are waiting for you to speak up. Ignore this and expect that credit unions will remember your reluctance. We have the memories of elephants and alternate resources are always available. Those who help us through this should be applauded and supported. Those that do not should be abandoned.
Dennis Moriarity, CEO
Unity CU, Warren, Mich.
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