Sounding off: Are CUs Tarnishing their White Hats?
September 9, 2016 12:56 PM
<a href="http://www.cujournal.com/news/lending/melrose-latest-lender-in-hot-water-over-declining-medallion-loans-1026443-1.html"><b>Melrose Latest Lender in Hot Water Over Declining Medallion Loans</b></a>
Progressive, Melrose and Quorum hold about one quarter of all medallion loans. That leaves about $6 billion in medallion loans in other credit unions. Who are they, and how much have they reserved for those loans? If Melrose is any indication, delinquency rates are just under 30% on these loans. Melrose appears to have about a 15% reserve for loan losses on its entire portfolio. The question is: what is a medallion worth today? For those of us who have used Uber and Lyft the answer may be: not much.Posted by henry | Sept. 8
<a href="http://www.cujournal.com/news/branching/as-growth-continues-becu-checks-out-at-the-grocery-store-1026546-1.html"><b>As Growth Continues, BECU Checks Out at the Grocery Store</b></a>
As an old timer in the CU movement and a past BECU employee, I think it makes sense to continuously reevaluate your footprint presence within your market and membership. The grocery-store model was a convenience, to be sure; until it wasn't. Long lines and grocery coupon hand-outs were often confusing and annoying when trying to deposit your paycheck or prequalify for a needed car loan. Good idea, BECU. Time to branch-out, no pun intended.Posted by OldTimer Perspective | Sept. 8
<a href="http://www.cujournal.com/news/opinions/no-matter-who-wins-2016-election-is-history-in-the-making-1026529-1.html"><b>No Matter Who Wins, 2016 Election Is History in the Making</b></a>
I am more inclined to embrace the prediction made by Joseph Epstein in his Sept. 1 guest editorial in The Wall Street Journal. Mr. Epstein likened the 2016 presidential election choice between Trump or Clinton to picking a plague of either frogs or locusts. Either way, the credit unions, the Main Street businesses, and the believers in free markets, and all of the individual freedom-loving Americans lose. --Marvin UmholtzPosted by marvin.umholtz@comcast. | Sept. 5
<a href="http://www.cujournal.com/news/people/where-being-happy-on-the-job-just-isnt-good-enough-1026489-1.html"><b>Where Being Happy on the Job Just Isn't Good Enough</b></a>
Agreed. If you are happy but don't understand your company's economics, your ability to contribute is limited. Companies like Southwest Airlines, Capital One and BHP Billiton, (clients of mine), treat their employees like trusted business partners, enabling them to make more money for their company and themselves. Profits and engagement soar.Posted by BIllFotsch | Aug. 29
<a href="http://www.cujournal.com/news/compliance/the-hardest-charter-to-get-in-america-today-1026458-1.html"><b>'The Hardest Charter to Get in America Today'</b></a>
The federal credit union charter for de novo institutions should be hard to get. The NCUA's track record on newly chartered credit unions in the last several decades has been dismal. We also have learned that a tiny credit union can be the source of huge fraud losses. The NCUA should be shutting down at-risk small credit unions not chartering at-risk, new, politically-correct community development credit unions that are doomed to fail. Telling such truths might make me a pariah, but I would rather tell it like it is than lie to the credit union community like so many others do. Have you done the math on the taxi medallion loan losses? The "establishment" has not told you anything about the problem. -- Marvin U. 08/24/16 Umholtz Strategic Planning and Consulting ServicesPosted by marvin.umholtz@comcast. | Wednesday, August 24 2016 at 10:35AM ET
<a href="http://www.cujournal.com/news/compliance/cu-advocates-fret-over-cfpb-proposal-limiting-mandatory-arbitration-1026452-1.html"><b>CU Advocates Fret over CFPB Proposal Limiting Mandatory Arbitration</b></a>
When the CFPB is pro-attorney and anti-financial institution, then CUs are right to put up a fight. People writing the regulations have ZERO real world information about how financial institutions operate. They believe they are superior to all and have received the knowledge from The Mountain that provided the 10 Commandments. We need to clean house of the CFPB and make them get appropriations from Congress instead of stealing money from the Fed.Posted by JustAPlayer | Monday, August 22 2016 at 7:04PM ET
<a href="http://www.cujournal.com/news/compliance/cu-advocates-fret-over-cfpb-proposal-limiting-mandatory-arbitration-1026452-1.html"><b>CU Advocates Fret over CFPB Proposal Limiting Mandatory Arbitration</b></a>
It is sad that so many credit unions have taken a stand against the CFPB. At the same time most credit unions agree that consumers have been the victims of abusive practices by banks and others. The CFPB has done much to make it more difficult for consumers to be abused. When I first became a credit union member in 1976 and then later a member of the credit union's Supervisory Committee I clearly saw that credit unions were a consumers best friend. So it distresses me that credit unions now are often one of the loudest voices against the CFPB. Is that wise? Granted I deplore that many times class action law suits only benefit the lawyers and are often used as a tool of extortion against credit unions. But it seems to me that the anti-CFPB credit union stance puts our consumer white hat image at risk.Posted by henry | Aug. 22
