PayThink

I am deeply disappointed in Dan Mica and CUNA not representing the majority of credit unions on two issues.

During this year credit unions across America commemorate the 100th anniversary of the very first credit union in the United States. For many, looking back provides a sense of security. It's good to remember the principles upon which the movement was founded.

Perhaps no word conjures up more of a diverse reaction now than "mortgage."

Writing for the Bank Innovation blog, Michael Gibbs, last week offered three stories from the major papers chronicling separate victories for the banking lobby. He concluded that by reasserting its strength, the lobby is showing how banks are regaining ground in the power struggle with federal regulators and thusly reviving themselves as drivers of economic growth. In other words, Gibbs is saying that a stronger banking lobby and stronger banks can get the economy back on track. But does that make sense?

This week, the Treasury Department faces another Monday deadline, but the agency may miss this one too: The first round of big banks permitted to repay their Tarp funds may be revealed. Word is that if the announcement comes at all on Monday, it will come late in the day. On the Hill, regulatory restructuring discussions will pick up speed.

It's not just the "Why?" but the "How?" How in the world do you create a strategic plan for mortgage lending today when the market is in a state of constant change? How could you even think about a plan of action when products are evaporating, the government is making new rules on a daily basis, and rates are venturing to levels that you never imagined?

For every action there is a reaction, and it's no different for credit unions and the Corporate System. This is the time for credit unions to react.

Up until the mid-1980s it wasn't unusual for a credit union exec to be sitting across the desk from a legislator trying to argue the CU viewpoint, and the elected official would pull from a drawer some research study that claimed to not just show, but prove, the opposite point.

He doesn't fit the usual profile of a "thin-file" consumer, but Citigroup Inc. executive Robert A. Annibale has personal experience with the perils of a blank credit history.

File this in the Department of New Perspectives: While bankers in the U.S. may be frightened by Congress´ populist attack on executive pay and bonuses, populism and the banking crisis are taking an even greater toll on communities in Europe.