tag:blogger.com,1999:blog-319775530671726401.post47369804054630876..comments2023-10-01T09:18:26.162-04:00Comments on Keith Leggett’s Credit Union Watch: Board Recommends Liquidating CUKeith Leggetthttp://www.blogger.com/profile/14794334790117033547noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-319775530671726401.post-52165114196415291562013-10-18T18:56:12.837-04:002013-10-18T18:56:12.837-04:00Appreciate you checking in on my happiness and sun...Appreciate you checking in on my happiness and suntan.<br />Thanks!<br /><br />Name them. <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-9660614739029235932013-10-18T13:28:10.701-04:002013-10-18T13:28:10.701-04:00You sound like a very angry person. What possible...You sound like a very angry person. What possible difference does all this make to you? Will your life be significantly better if credit unions are taxed? Maybe you should stop reading this blog and get some sunshine.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-91183903150599856402013-10-17T20:01:45.301-04:002013-10-17T20:01:45.301-04:00Many examples of credit unions engaging members.
...Many examples of credit unions engaging members. <br />Name them. <br />And the % of members that attended last annual meeting and the % that voted for last new board member. <br />Name them. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-79785927662170889002013-10-17T18:07:40.764-04:002013-10-17T18:07:40.764-04:00Me thinks there is a banker pretending to be a cre...Me thinks there is a banker pretending to be a credit union, or maybe it is simply another shill from the ABA, or a high-performing credit union wannabe. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-8602094405078451362013-10-17T12:49:30.123-04:002013-10-17T12:49:30.123-04:00I’d caution against painting with such a broad bru...I’d caution against painting with such a broad brush, as there are many examples of credit unions who do successfully engage their members. Their members DO run for board seats, DO vote for board members and DO attend annual meetings; that’s a FACT. Perhaps the lack of member participation at your credit union is more a reflection of you and your boards’ failure to educate and involve your members, than the industry as a whole. Or, it could just be that you’ve failed to educate yourselves. Here is what’s disconcerting to me, if you’re not going to attempt to commit the resources to educate and involve your members, why remain a credit union? I don’t mean for this post to be disrespectful, but you think you know it all when you don’t, and it’s attitudes like yours that adversely impact the perception of credit unions that do live up to their obligations to their membership. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-33870288986358981232013-10-16T16:57:46.613-04:002013-10-16T16:57:46.613-04:00they DONT run for board seats.
they DONT vote for ...they DONT run for board seats.<br />they DONT vote for board members.<br />they DONT attend meetings.<br />and saying so IS delusional..when everyone knows better.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-56692207484480598842013-10-16T14:48:01.948-04:002013-10-16T14:48:01.948-04:00Just because a member doesn't act like an owne...Just because a member doesn't act like an owner in your mind doesn't mean they're not owners. So most members don't attend annual meetings or vote in board elections. So what? I'm an AT&T stockholder and don't attend their annual meetings.<br /><br />You should tone down your name-calling like calling C.U. people delusional. It makes you sound like an ignorant oaf.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-69587581834074658492013-10-15T08:27:27.579-04:002013-10-15T08:27:27.579-04:00If you get around the cu water cooler at all then ...If you get around the cu water cooler at all then you know just how silly your post is.<br />Any credit union person reading your post knows that in the vast majority of cases, the board experiences almost no turnover, features scant few members at the annual meetings ( mostly staff), and can't get members to act like owners.<br />Discussed by industry thought leaders at conferences, managers, board members, advisors, vendors.<br />Cuz=delusional.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-56855218646818514752013-10-14T16:48:48.031-04:002013-10-14T16:48:48.031-04:00Actually, credit union members have liquidation ri...Actually, credit union members have liquidation rights, and in the case of our credit union DO vote for board candidates, DO run for board seats and DO attend annual meetings. In addition, they volunteer for supervisory committee seats and know that decisions such as mergers (when not forced by regulators), are also subject to their approval. Perhaps your management and board should spend more time educating your membership on their rights and less time advocating against those credit unions that do. I’m curious, since your members don’t run for board seats or vote for board candidates, where your current board members came from, who elected them and whom they represent. It also begs to question why, if your management and board aren’t willing to make that commitment to your members, you don’t just convert to a bank? Of course, your members will need to approve that first… correct?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-52410236499080885682013-10-14T11:07:01.818-04:002013-10-14T11:07:01.818-04:00Credit union members are not owners, in the same w...Credit union members are not owners, in the same way that bank depositors are not owners...this is because their money is not at risk. When a credit union or thrift member closes her account, she does not get any of the capital.<br />Owners put money in as an investment, with some level risk and are compensated for the investment depending on the performance of the management in generating consumer value that leads to more business.<br />Members deposit, they don't invest.<br />They don't vote for board candidates.<br />They don't run for board seats.<br />They don't attend annual meetings.<br />They don't get and read a prospectus.<br />They have nothing at risk because their deposit is guaranteed by NCUA or FDIC.<br />When a bank sells itself to another bank, the OWNERS get a premium or a discount to book value which is determined in part, by how well management built a clean and profitable business.<br />Owners stand to lose or gain in the transaction. Owners include management , staff, board members and shareholders...this cadre of owner/investors INVESTED their money in the institution. Contrary to Cuna fable, other than a very small part of the funds, the vast majority of funds are invested with the personal funds of the investors.<br />Thrift and credit union members deposit with no risk...they're not owners in any manner and demonstrate as such everyday and in any and every opportunity to prove otherwise <br />Only Cuna and some CUZ (cu zombies) think otherwise.<br />Our board and management understand this, it's odd the fable continues.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-80103871762268755432013-10-12T12:11:12.160-04:002013-10-12T12:11:12.160-04:00Nice that the CU's board of directors voted to...Nice that the CU's board of directors voted to liquidate in order to do a pro-rata distribution of remaining capital reserves back to account holders when they seek a new financial institution.<br /><br />Compare to the typical bank scenario where the bank's board votes to close by selling out to another bank, and the capital reserves are not returned to customers (nor even seen as "their money") but rather used as financial justification for paying off the officers who voted to sell.<br /><br />Acceptable self-enrichment motivation is part of for-profit banking. Accordingly, another reason all banks should be taxed differently than credit unions.<br />Anonymousnoreply@blogger.com