A new twist on Field of Membership

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.)”

Dear Mr. Donovan

I read with much disappointment an article in the CU Journal that you are spearheading another effort to access TARP money for credit unions.

Credit Unions cannot, under any circumstances cost taxpayers money. Not only will this jeopardize our tax exempt status and separate insurance fund it is absolutely in oppositon of the seven principles of cooperatives, which we hope to remain, a financial cooperative.

Credit Unions were offered taxpayer money after the Great Depression and although Edward Filene was in favor of it, Roy Bergengren (first president of CUNA) opposed it saying
(a quote from CUNA’s website):

“To him, it meant destroying the vital principle of the whole movement by converting a community enterprise into an agency of the government. To teach people how to help themselves was more important by far in times of depression than at any other time.”

That’s what we HAVE to do. Figure out a way to help each other. I understand that many credit unions in the California and Nevada Leagues’ (your former employer) membership are hurting. One solution, of course is merger and another would be for them to convert to a Mutual Savings Bank to gain easy access to TARP.

CUNA’s National Brand Campaign states “Where People are Worth More Than Money.”

If we take TAXPAYER money to bail out a few COOPERATIVES what does that say about CUNA?

Credit Unions celebrated their 100th birthday recently, I for one am proud to have devoted the last 28 years of my life to furthering the movement. I’d hate to see your name in the history books as the one that helped destroy it.

United We Charge to Southwest!

Dear United Airlines,

Thanks for yesterday. I really appreciate it. Sure, we had to move 188 passengers from a completely loaded plane in Chicago (Gate B18) to a fresh new (not broken) plane at Gate B8. But I still made my connection in Denver. Thank you for giving me my luggage back in Albuquerque. Sure, it was unzipped and my panty bag was sticking out – but I know that’s not YOUR fault. You were actually “early” to ABQ, sadly the gate crew wasn’t ready for us, so we DID have to sit on the tarmac until it was time, but darnit you tried.

We celebrated our 111,670th mile-in-the-sky for 2008 last night. That’s me boarding 113 United airplanes in just under 12 months. Or, on average, 9.41 times each month I stood in line, your “preferred” line, to check my luggage, go through security and board your planes.

I stayed with you after 9-11. I endured your pilot’s strike – twice. I try to be compassionate in the winter months and understand your decision to place your hubs in Chicago and Denver. I’m even okay with you not serving pretzels anymore.

Today I heard some disturbing news. A dear friend of mine told me that she can “buy” my status from you for a mere $25.00 per trip. This can’t be true I told her. That’s why I’m so loyal to United. Because they recognize my undying devotion by giving me that one extra little perk – not having to wait as long as casual travelers as I commute to work (yesterday my commute home was a total of 9 1/2 hours).

Nope, she said, now ANYONE can buy that convenience. Oh, but United wanted to make sure that 1K flyers know they can still get that for FREE! But, United….um, I HAVE paid for it. On average my business spends $30,000.00 in airline travel. To YOU!!! And now it’s going to cost ME more, by giving up a little chunk of my soul on each flight.

Rookie travelers will be vying for my overhead bin space, slowing me down in the TSA line with their bottled water and cans of hairspray, and refusing to queue up to a machine because they never travel and want to talk to a live person (of which there are only two working per major airport) thereby clogging the flow of frequent flyers.

I know you need the money. Times are tight and all that. But if we’re going to go there – and by “there” I mean straight to bad profit hell – then I might as well fly an airline that is cheaper, friendlier, has the best on-time record AND peanuts.

Good bye United.
Hello Southwest!