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Mobilizing cooperative power for system reform:Connecting those advocating re-design of America’s credit union system to enhance future member services and a more effective regulatory environment.

 

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THE UNIQUE ROLE OF COOPERATIVE CREDIT IN THE GREAT RECESSION

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Authored by: 
Credit Unions Rising
Excerpted from: 
The Callahan Report

Credit unions originated $525 billion in loans to over
39 million members in 2008 and 2009, the period
of the worst credit crisis in a generation. The 2009
total of $272 billion was a record year. When all the
other financial markets were in “cardiac arrest,”
credit unions kept Main Street America going. Credit
union members did not rely on the “kindness of
strangers.” Rather, the corporate system, which
never once failed to honor a draw on its $72+ billion
in advised lines to its members, enabled retail credit
unions to meet this critical “counter-cyclical” publicRead More


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Running Up The Bill

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Authored by: 
Credit Unions Rising
Excerpted from: 
The Callahan Report

NCUA’s September 24, 2010 seizure of three additional
corporate credit unions runs up the bill to
be paid by 90 million credit union members. The
agency acknowledged that credit losses were more
likely as high as $10.5 billion, up 60% from an
audited liability of $6.4 billion, which was completed
just days before NCUA’s higher estimate dated July
31. It committed to pay third parties several billion
dollars for new funding on investments already
credit-union funded. It imposed business decisions
on corporates that will cost their credit union members
billions of dollars more.Read More


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A Corporate Recovery Stopped in its Tracks

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Authored by: 
CU Rising
Excerpted from: 
The Callahan Report

From June 2009 to June 2010, the corporate credit union system rebounded dramatically. It reduced shares and borrowings by $12.2 billion, reduced leverage (total assets) by $3 billion, and most critically, improved its total equity by $9 billion. Despite this record of improvement, record levels of current earnings, lowered expenses with stable operations, the continuing support of member credit unions, and the promise of a public policy of low interest rates “for an extended period,” NCUA destroyed this two-year success record.Read More


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Nationalizing the Corporate System

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Authored by: 
Chip Filson
Excerpted from: 
The Callahan Report

NCUA's September 24, 2010 unilateral imposition of their Corporate Plan, new 704 rule, and conservatorships completed NCUA's nationalization of the corporate system away from its member-owners. This act, executed without any Congressional or other oversight, included expropriating member capital as well as retained earnings and dismissing without due process properly elected leaders. Such a unilateral act is unprecedented in American history - but not unknown in other countries around the world.


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What do the Midterm Election Results Mean for Credit Unions?

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Authored by: 
cfilson
Excerpted from: 
CreditUnions.com

Whatever analysis one follows of last Tuesday’s elections, it is fair to conclude voters are looking for results. How does the economy grow faster and produce more jobs? Both newly elected and those returning will be looking for more effective and immediate ways than the ideologically driven programs now defining most recovery efforts. Delivering on that need could make credit unions a potent political force.Can credit unions help political leaders deliver to their constituents’ circumstances, now?Is there another way than the $600 billion


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The Times Are Changing, Why Shouldn't the Mortgage Payment?

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Authored by: 
cfilson
Excerpted from: 
CreditUnions.com

When Members 1st Federal Credit Union ($1.8B, Mechanicsburg, PA) saw its percentage of mortgage refinance requests versus purchases nearly double from June 2010 to September (and the dollar amount almost quadruple to nearly $14 million in the same time frame), the institution knew it had struck a point of need. Members in Pennsylvania, like many consumers across the country, were looking for a way to make the low rates touted in headlines translate to their bank accounts. “We know from many applications


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How NCUA’s Corporate Actions Affect the Three Pillars of Our System’s Financial Integrity and Soundness

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The credit union regulatory structure remains as unique today as it was when it was created. The system was shaped by law and design through continuous and thoughtful evolution from 1970 to 2002. Its three pillars have parallel components in the banking and thrift industries, but the credit union infrastructure is uniquely interwoven compared with those on the banking and thrift side. The pillars are:Read More


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How NCUA's Corporate Actions Affect the Three Pillars of Our System's Financial Integrity and Soundness

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Authored by: 
cfilson
Excerpted from: 
CreditUnions.com

The credit union regulatory structure remains as unique today as it was when it was created.The system was shaped by law and design through continuous and thoughtful evolution from 1970 to 2002. Its three pillars have parallel components in the banking and thrift industries, but the credit union infrastructure is uniquely interwoven comparedwith those on the banking and thrift side.Read More


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Credit Unions Spark the Fire of Economic Recovery

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Authored by: 
cfilson
Excerpted from: 
CreditUnions.com

This week I learnedabout two spectacular examplesof how the cooperative model provides a way forward in America’s search for the right economic stimulus. Washington is polarizedat two extremes:the government caneither spendmoreor cut taxes(and its role).Compromise seems remote. Realistically, the practical effect of either approach is months, if not longer, into the future. Why haven’t the lowest interest rates in the modern economy led to faster growth?Why hasn’t the dry timber of trillions of dollars of cash on corporate balance sheets and in


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Is the NCUA Board Helping -- or Hurting -- Credit Unions' Soundness?

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Authored by: 
cfilson
Excerpted from: 
CreditUnions.com

In his book The Age of Paradox, author Charles Handy wrote: Unbalanced self interest can only lead to an environment in which any victory will mean destroying those on who our survival will ultimately depend …The tragedy of the commons, it was labeled, when individual farmers maximized their own short-term use of the common land only to find, that when everyone did the same, the land deteriorated until all grazing failed. (page 89) On September 16, NCUA assessed credit unions


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