Comment

WASHINGTON-The effort to combine NCUA into a super financial regulator began in earnest last week during a hearing in regulatory reform before the Senate Banking Committee.

WASHINGTON-CUNA took its appeal over market value accounting to the White House last month, asking President Obama to form a task force to review whether current accounting rules are exacerbating the current financial crisis and whether the rules should be amended.

ALEXANDRIA, Va.-NCUA said last week it has appointed Mark Treichel, the director of its northeast Region One since 2003, to be the acting director of its Office of Corporate CUs, the chief corporate examiner.

WASHINGTON-The credit unions and banks apparently succeeded last week in convincing Democrat House leaders to moderate the so-called cramdown bill that would allow homeowners to ask bankruptcy courts to amend the terms of troubles mortgages.

For 2009, for senior management salaries, our CU decided:

ALEXANDRIA, Va.-At least four corporate credit unions appear to have decided against participating in NCUA's new expanded guarantee program that requires corporates sign a supervisory agreement with NCUA, a Letter of Understanding, in exchange for coverage of all deposits by the National CU Share Insurance Fund.

There Will Be Blood.

The Alaska Journal of Commerce featured Alaska USA FCU in an article that said the credit union "holds a management philosophy that embodies the belief that employees are the financial institution's greatest assets." The article, noting AUSAFCU is marking its 60th birthday, provided a description of its Career Opportunity Program, which allows for every open position to be posted on its career center. "Most positions have career 'ladders' built in that allow for growth within a position and promotional increases," the story noted, adding details on Alaska USA's eco-sensitive efforts.

ROCHESTER, N.Y.-Credit unions will not be able to completely absolve themselves from responsibility for the mortgage foreclosure "tsunami" one industry analyst predicts will hit this summer.

I was recently interviewed by Kevin Jepson for the article in the Jan. 19, 2009 edition titled, "What Does 2009 Hold For IT? A Look At One Group's Forecast"

Now I'm really scared!

Years ago, I was the CEO of the Delchamps Credit Union, a CU that served the needs of the employees and family members of a regional grocery chain. At one point, our sponsor company asked that the credit union take over and run a 23 ATM in-store program, which a local S&L was abandoning as unprofitable. This is the short version, but in the end we were running 110 ATMs for the sponsor; our members had surcharge-free access to their money; and it was minimally profitable to Delchamps.

For the record, let me be perfectly clear: we have the absolute best CEO in Dan Mica that money can buy. Now it is both sad and unfortunate CUNA is in a rectal bleed-out of some $8 million. I am convinced that Dan's million-dollar salary plus benefits and various other perks has absolutely nothing to do with the pathetic plight at CUNA. We should all take comfort that Dan was able to throw six people under the bus to maintain his standard of living. It sure does beat the hell out of taking a pay cut. Will our industry ever return to the basics of "feeding the needy and not the greedy?" Dan, instead of placing a freeze on those filthy stinking executive salaries-why not let them thaw? Finally Dan, please discontinue your reliance on the corporate credit unions for financial investment advice-see what good it did them.

MARCH

SAN DIEGO-Be among the first 85 people to register for Credit Union Journal's Grow Show, and you'll have the opportunity to hear some Blue Ocean strategies-literally. Get leadership insights from Capt. Mike Manazir, commanding officer of the USS Nimitz, the largest warship in the world. Yet despite its size, space on the Nimitz is limited, so make sure to register today.

3 More CUs Join Class

NCUA Promotes Affordable Loan Program

WESTLAKE VILLAGE, Calif.-Member satisfaction significantly affects deposit growth at financial institutions, but credit unions need to take a fresh look at how great that effect is and what their business model is when it comes to member loyalty.

SAN FRANCISCO-San Francisco Fire CU rolled to the top of Callahan's Return of the Saver category for its asset size by returning a whopping 53% of its gross income in the form of dividends.