Credit unions claim they are looking out for the little guy.
But is Texans linebacker Brian Cushing a little guy or person of small means?
Cushing, who is a member of First Community Credit Union, reportedly will earn $15.9 million between 2009 and the end of the 2013 season. This does not include his sponsorship deal with the same credit union.
Brian Cushing has the right to conduct his financial services at any institution he wants.
But that does not mean that taxpayers should subsidize his financial services.
From a policy perspective does a person with Brian Cushing's financial wherewithal need taxpayer subsidized financial services?
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How did you find out Mr. Cushing belongs to this credit union? That sounds like a violation of federal privacy laws to me. But aside from that, how much someone earns has nothing to do with their financial wherewithal. We have doctors, lawyers, and firefighters as members who make big salaries who have no idea what to do with their money except spend it. Far be it from the banking industry to counsel those members except to push them to their proprietary mutual funds and brokerage services.
ReplyDeleteWhat I got of Mr. Leggett’s remarks were that although Credit Unions make it a public point that they are for the little guy they also are for the wealthy end of the spectrum too or else they could not make a buck or the resources to make a buck… They emphasis the little guy service to get more sympathy as a financial institution.
DeleteHey anonymous, youre funny.
DeleteGodd thing 4 Leggett it was in the article...you might have turned him into the NSA...
You ignore the point thst we in cu world are WAY past modest means. You said it yourself - doctors, lawyrrs...
How many of your doctor members have you "counselled"?
How many modest means members have you counselled?
Name them.
As an industry we fee huge on overdraft snd originste 100+% indirect auto like crack cocaine.
Look around.
We got off the boat in 1998.
Wake up
The credit union put it in a press release announcing Cushing's commercial for the credit union.
ReplyDeleteAs a student at a private university in Southern California, he was able to join and use a credit union. But as a successful business person now, he is disqualified from continuing a relationship with a type of business that he may have had good experiences about?
ReplyDeleteMakes as much sense as saying he can only fly first class on a legacy airline now even though before he could fly discount coach on an airline like Southwest.
What happened to freedom of choice by the consumer? Once somebody becomes successful, then they MUST choose a bank for their financial services. Please beam me up, Dr. McCoy.
Ok this is funny, a banker complaining about a wealthy member of a Credit Union taking advantage of the "tax exempt status of the CU". From a policy perspective should we tell people where they have to bank?? I'm sorry you make to much money you have to go use the big bank down the road. BTW they will charge you for every single service and good luck getting them to be friendly. I thought we banned this kind of discrimination in the 1960's.
ReplyDeleteAnd as far as subsidies go credit unions have nothing ont he big banks from a subsidy perspective. See this link from the financial crisis.
http://www.globalpost.com/dispatch/news/regions/americas/united-states/130227/elizabeth-warren-grills-bernanke-bank-subsidies
Yes all financial institutions benefit to a degree from the gaurantee but its Mr. Leggett's big bank friends who are subsidy kings.
We all get you are biased to banks but don't be all high and mighty when it comes to subsidies...you can't win that one Doctor.