PayThink

The Credit Union Journal's headline and article in its August 14th edition, "CUNA Efforts in Primary Races Experience Major Setback," was off the mark in several respects.

While we continue to wait for the checkless society to arrive (and it really is getting closer this time), some couldn't afford to wait. Case in point is Harland, at one point content to be one of the major check printers in the country, which had more sense than some other companies, which, for example, were content to be typewriter ribbon manufacturers.

In recent days, The Credit Union Journal and its fellow industry pundits have published tons of charter conversion coverage on their web sites and printed editions. These stories unequivocally confirm that credit union trade associations are directly involved in disrupting credit unions' business activities. The two members of Congress who are associated with the most recent public intervention In Lafayette Federal CU's private business decision, were obviously coached by NAFCU, CUNA, the Maryland & District of Columbia CU Association and/or the National Cooperative Business Association staff. Their rhetoric fit very familiar patterns.

In reading a recent article in The Credit Union Journal's online newsletter (cujournal.com) titled, "Who Says Credit Unions Don't Do CRA?" I was happy to see a growing trend identified by your publication. Credit unions have continued to grow over the recent years, picking up momentum as they reach more members in more diverse communities.

Below you'll find an interesting juxtaposition: one credit union has bad news and it tells everyone; another supposedly has good news, yet it refuses to talk.

The Bank Secrecy Act/Customer Identification Program (BSA/CIP) requires a risk assessment of each member account. While we can define these requirements, actually implementing the necessary processes in you anti-money laundering (AML) efforts may be easier said than done.

A few weeks ago I was visiting with the Chief State Examiner in Minnesota, Terry Meyer, and we got on the topic of member business loans. While I have worked in the credit union industry for the past seven years, I previously worked with other regulatory agencies and board of directors of other financial institutions regarding problems that they had, including business loans. As a result of that conversation, I thought it would be appropriate to share some of my thoughts regarding member business lending, including participation loans, and the credit union industry.

Credit unions are member-owned cooperatives with equality of membership, ownership, and voting rights as our fundamental democratic and philosophical hallmarks. We understand fairness; we play it straight; we look after our members' best interests! Fair is fair; share and share alike!

Plenty of credit unions are looking for good volunteers for board and committee positions or at least say they are. But one volunteer says "good" just doesn't cut it. And that's not all. While many credit unions have pared the number of volunteers they use, whether out of necessity or design, this same volunteer says his credit union is consistently creating new positions in which people can volunteer their time. Indeed, his own credit union has 32 people volunteering in some capacity.

Ed Roberts' front-page story July 10 ("CUNA Goes On The Offensive Against Bankers On The Hill") states that CUNA's approach is "raising questions" among some in the credit union movement. There is no question in my mind-CUNA did the right thing.