PayThink

What do community bankers really think of the government´s financial rescue efforts? One told Newark Star-Ledger reporter Joseph R. Perone that Congress should take more time and listen to more input before making any new moves to try to help banks.

The plans are out, and now it's time to get to work. The Treasury Department will be busy this week coming up wtih a package of details on how to implement its foreclosure prevention program, as well as its less-advanced financial rescue package. Will we see progress on the public-private partnership? That seems to be what many market participants are anxious to know. Meanwhile, Congress returns. And they haven't forgotten about executive compensation or Tarp accountability.

We've got to hand it to them ... Fox Business News sued the Treasury Department for failing to comply with Fox's Freedom of Information Act requests in November and December of 2008. Today they won.

During the course of a busy day, we go to the grocery store, pick up a prescription, and stop by our financial institution. But consider living 50 miles away from these services and how this would change these everyday tasks.

In 35 years of professional involvement with credit unions I have been exposed to a huge number of unique and creatively fashioned solutions to members' financial problems. Most would have been virtually impossible by any other type of retail financial institution.

What are we waiting for? Why not? Now is the time! NASCUS hears these questions and comments often when discussing the topic of supplemental capital for credit unions. From a safety and soundness perspective, NASCUS and state regulators are convinced that there is no reason to delay the legislative and regulatory changes to institute supplemental capital for all credit unions.

There's nothing like a deep recession to scrape the glitter off "corporate social responsibility." Already, charities are cutting back on programs and staff because of a sharp drop in company donations. Firms are dumping plans that match employee giving with their own. It seems that when sales are in the tank, contributing to social betterment is a PR luxury many for-profits can no longer afford.

Something happened to our little central Indiana credit union. After decades of satisfying slumber and peaceful contentment serving a single sponsor, the Northpark Community Credit Union board hired new management, and gave us the task of growing the membership.

So what's the big hurry?

The comments attributed to Mr. Prins (CU Journal Online, Feb. 11) reflect either an indifference to, or a lack of understanding of, the fiduciary duties of a director of any financial institution, including a credit union. Messrs. Franklin and Cheney, and all the other U.S. Central directors, have a legal duty not to disclose to any third party-including their respective employers-any confidential information about U.S. Central that they learn in their capacity as U.S. Central board members. Notwithstanding the intertwining relationships common throughout the credit union system, credit union directors are equally subject to the same legal duties as are the directors of any other corporation.