PayThink

Today, more members are closing accounts because they "need the money" or want to consolidate funds at their primary financial institution for convenience. Perhaps reflective of the economy, the trend is of some concern, but credit unions that understand the drivers behind the attrition they are experiencing can take action to reverse it. It's always easier to retain and grow business from within than to attract new members.

Our credit unions get less than a fair shake by denying us access to the same lending rates as our "troubled banking brothers" enjoy everyday. Our capital is at 18.0% vs. banks' capital at 30.0%-plus.

I feel great when someone tells me they implemented ideas they got from me and the result makes their lives better and their work easier.

Imagine this: you've made it to the Final Jeopardy round and game show host Alex Trebek unveils the final category question: Consumer Financial Concerns. You bet everything you have and would even bet the credit union's assets if you could, not even bothering to save that final $1 in the event your two fellow contestants are also wrong. And why not? You're a credit union professional well-versed in consumer finance who only grows more confident when Mr. Trebeck reveals the Final Jeopardy answer/question: "It's the No. 1 reason consumers are calling financial assistance/counseling hotlines in October 2008."

I greatly appreciate the opportunity to share my views through a respected publication, like Credit Union Journal, so I was pleased to see the piece I wrote regarding the likelihood of a Fed rate hike this year, which was published in the Oct. 6 edition.

Since August of this year, Fannie Mae and Freddie Mac have engaged in over 130,000 loss mitigation actions, but only 28% of those were loan modifications. According to Congressional testimony by Federal Housing Finance Agency Director James Lockhart, loan modifications per month have increased by 60% this year compared to last year. They totaled 36,847.

Columbia University economist Joseph Stiglitz weighed in on the regulatory reform discussions in Congress this week. American Banker followed up with him for some additional comments. Here are his thoughts on the priorities of regulatory restructuring:

Tuesday´s House Financial Services Committee hearing was meant to be forward-looking but representatives from both sides had a hard time overcoming the past.

Members of the House Financial Services Committee may have bickered bitterly over which party is to blame for the financial crisis during today´s hearing on regulatory restructuring, but they demonstrated a propensity for bipartisanship in their reading material.

Are the fates of the Securities and Exchange Commission and the Commodities Futures Trading Commission inexorably bound? They may be; some old regulatory hands are suggesting the two agencies be merged.