Friday, August 4, 2017

CU Board Buys Season Tickets to Professional Football Team

During the May 25 National Credit Union Administration Board meeting, it was disclosed that a small credit union used credit union funds to buy season tickets for all its board members to a professional football team for three years.

According to the transcript, Board Member Metsger stated:
"[T]he CEO of a large credit union ... told me that they discovered after bringing in a smaller credit union that the board had approved the purchase of tickets for the next three years for all of the board members to a very expensive professional football team."
The purchase of tickets to a very expensive professional sports team by credit union directors is a form of non-monetary compensation and is an abuse of the credit union tax exemption.
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4 comments:

  1. AnonymousAugust 4, 2017 at 9:47 AM

    Yes, but Chip wants to protect the little credit union from the big credit union in his own world view of credit union member ownership. A world view that ignores that smaller credit unions are RIPPING OFF their members by doing stuff like this and while not merging with a cu that can give their members better rates.
    And now it seems the great McW is in league.
    New merger rules are to protect NCUA jobs and chips business, not members.

    ReplyDelete
  2. StuartPAugust 4, 2017 at 1:27 PM

    Huge Bigly credit unions do this all the time to wine and dine and comp other credit union directors and management while courting the merger/acquisition. Happens all the time. Part of the scam and seduction. Query all the huge credit unions that own season corporate suite seats.

    ReplyDelete
    Replies
    1. AnonymousAugust 4, 2017 at 8:22 PM

      Huge buggy credit unions buy season tickets for their entire board?
      Name them.
      Otherwise, stop and think for a minute...
      ...why is Filson and NCUA SUDDENLY upset with mergers?
      Why don't you noodle that and post back your conclusion.

      Delete
  3. StuartPAugust 8, 2017 at 12:10 AM

    FIRST follow the money. Why would a FCU in CA buy a s
    Staples Center corporate whore box for the season? Take delinquent loan members out for a good time? Wine and dine members with huge NSF fees? Would a SCHOOL credit union use corporate suite at Staples to entertain NCUA examiners? Probably not. So what is the quid pro quo for the invitation? Ask those that have been invited. They don't compensate the directors but the travel/education and corporate suite sports center accommodations are not too shabby. Who gets the BILL? No shame in the game!

    ReplyDelete

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