Thursday, August 21, 2014

Regulator as Zealot

In a February 19, 2014 webinar, Domonic Carullo, an Economic Development Specialist with the Office of Small Credit Union Initiatives at the National Credit Union Administration (NCUA), said: "I love credit unions."

This comment reflects the core values or the DNA of the NCUA.

For example, I was on a panel with a NCUA Regional Director, who said she was a credit union evangelist.

An evangelist practices evangelism. According to the American Heritage College Dictionary, evangelism is defined as "militant zeal for the cause."

Having a militant zeal for credit unionism is not appropriate for an agency that is responsible for the safety and soundness regulation of credit unions.



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3 comments:

  1. AnonymousAugust 21, 2014 at 7:15 AM

    There is no room for zealot in society, yet it pervades.
    So does bad leadership.
    Good news is, it's run it's course in many circles. Perhaps and especially credit unions. There are plenty of signs.
    Note the column in cu times by a former NCUA (now consultant-continuing a trend of mediocre talent feeding off the trough)- he actually wrote, edited and got published a column proclaiming it's ok to lie about 100 million members. Even puts forth a guess that it's a lie by 20%, offering no research to substantiate. It's probably more like 30% ( research attached).
    Many credit union people like that stuff, perpetuating bad leadership and a zealot fear of taxes and hatred of banks.
    Many now know better, or always did.
    Thus, the exodus from Cuna. Both in membership and participation.
    The exodus will continue.
    Desperation is everywhere.
    Advocating to exempt credit unions from so called 'courtesy pay" regulation?
    Priceless.
    Mindless.

    ReplyDelete
  2. AnonymousAugust 21, 2014 at 1:50 PM

    On this the good Dr. Leggett may have a point. But a bit of history about the starting of credit unions. It was not a legislative body that started them in the US. It was a number of men who wanted to make things better for folks that they knew and/or worked for them. It started as a movement, not an industry. There are still many leaders (government, trade association, credit union) that still think of credit unions as a movement - not a multi-billion dollar industry.

    ReplyDelete
  3. AnonymousAugust 21, 2014 at 5:19 PM

    Do you think the FDIC hates banks?

    ReplyDelete

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