In his letter taking issue with a comment I made to American Banker about the unique structure of credit unions, Richard Fisch says mutual thrifts are "member-owned financial cooperatives," just like credit unions ["Flaw in CUNA's Argument"].
I read your article "Check Images a New Frontier for Forgery?" and I disagree with the article and statements Frank Abagnale made about the security of check imaging. When used correctly, check imaging and positive pay have greatly reduced the risk of check fraud while saving banks time and money.
John McKechnie of the Credit Union National Association is quoted as defending the tax exemption for credit unions because they are "member-owned financial cooperatives." ["Hearing Set on CU Tax Exemption," Nov. 2, page 1.]
Viewpoint: How to Pull Out of a Technology Tailspin American Banker Oct 28 Financial services companies pour enormous resources into building information technology capabilities to gain a competitive edge and power profitable growth. So why is it that so many banks, insurers, and brokerage houses view information technology as a hindrance rather than a help in hitting growth targets?
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