There has been lots of talk and concern about CU's not getting any of the bailout funds, etc? I am not sure where I stand on this issue to be honest but part of me believes that any credit union bailout should come from within the industry not from outside taxpayers. One of our key differentiators is supposed to be that we are not for profit financial cooperatives and that is why we don't need to pay taxes. To me if that is to hold true then we need to help out our larger cooperative movement from within instead of looking to the government for funds.
Now, I am all for getting access to resources that will help our members or changing of regulations that can help us. Wouldn't this be a great time to enact some of the CU legislation we have been wanting...permanent tax exemption, expanded lending powers, etc because it has been shown credit unions are the safe harbor in this environment.
I am sure this issue is much more complicated than I have made it seem to be here and yet there still is an opportunity for our movement to create our own, self funded, cooperative bailout plan. The question, who takes the lead on making this happen? NCUA, CUNA, state leagues? A group of credit unions leaders?
No comments:
Post a Comment