Today the CU Journal reports that “House leaders agreed yesterday to add a provision to the Troubled Asset Relief Program that would allow credit unions to obtain cash infusions under TARP…”
Cash infusion = taxpayer bailout.
It goes on to say “The credit union provision would allow credit unions to accept TARP cash – like banks – and count it as net worth, or capital, something they are barred from doing under current law.”
Why does our law say NO to taxpayer bailout money?? Um, because we are a financial COOPERATIVE!
Folks – we really need to find a better way to help our troubled credit unions. This is historic…..think of the long term implications. We WILL have to change our bylaws. Beginning with field of membership, and it’ll read something like this:
“The field of membership for Generico FCU will include anyone who lives, works or worships in blah blah blah counties AND the Federal Government (who now sits on our board of directors and tells us what to do.)”