NCUA: CU growth accelerated in Q3
WASHINGTON (11/30/12)--America's federally insured credit unions took in 742,847 new members in the third quarter of 2012, representing a quarterly growth rate of 0.8%, and these National Credit Union Administration-reported numbers show that "something remarkable is clearly happening," Credit Union National Association (CUNA) President/CEO Bill Cheney said.
The third-quarter membership increases brought the total number of federally insured credit union members nationwide to 93.9 million, the NCUA reported. The 742,847 gain is up from 643,322 net new members in the second quarter.
For about a month now I have planned to do a follow-up to a previous blog entry I had done and I have kept pushing it back on the to-do list. Today I ran into a series of really old tweets that was just happened to be out of order (choronologically) on a tweet roll. That was the universe's way of telling me – I have to do the follow-up entry.
I am at the point where the financial planners say I should be taking most of my retirement money (what little there is) out of the stock market and putting it into safer investments. I want to sell some of my stock holdings and roll them over into a CD IRA at the credit union that I belong to (that I joined during the Move Your Money campaign).
I don’t really trust my credit union anymore.
Here’s the reason why.
an association of people or companies in a particular business or trade,
organized to promote their common interests.
Credit Union National Association
(CUNA), the premier national trade association serving credit unions.
Ninety percent of America’s credit unions are affiliated with CUNA.
The three-tier system of CUNA, the state leagues and credit unions gives the credit union movement the power to shape its own destiny. That’s the POWER OF ASSOCIATION.
CUNA IS AN ALEC MEMBER!!!
And my credit union probably uses my money to pay dues to CUNA who in turn supports ALEC.
From 2011 there is this:
Commerce, Insurance, & Economic Development Task Force
As of 6/29/2011
Private Sector Member (M1)
Director, State Advocacy
Credit Union National Association, Inc.
601 Pennsylvania Avenue, NW
South Building, Suite 600
Washington, DC 20004-2601
Work Phone: (202) 508-6777
Fax: (202) 638-7734
Also from 2011 (my emphasis)
CUNA: CU presence at state legislative groups' meetings important
WASHINGTON (8/16/11)--In recognition of the impact that state legislative issues have on credit unions, the Credit Union National Association (CUNA) and state leagues participated in two national conferences of state legislators this month.
The American Legislative Exchange Council (ALEC) met the week of Aug. 1 in New Orleans. CUNA's State Government Affairs staff met state legislators from across the country, discussing credit union issues.
"ALEC created a new financial services subcommittee and CUNA attended the first meeting," Pat Sowick, CUNA vice president of league relations, told News Now. "It's important to have a credit union presence in these forums where financial services issues are discussed. A highlight this year at ALEC was the attendance by more than 600 state legislators--many of whom were freshman members."
ALEC is a conservative organization comprising both Republicans and Democrats, Sowick added.
The caption below a picture accompanying this CUNA article reads:
Click to view larger image The American Legislative Exchange Council (ALEC) met the week of Aug. 1 in New Orleans. The Credit Union National Association's (CUNA) State Government Affairs department attended and participated in sessions. Pictured at the CUNA booth at the ALEC meeting were, from left, John Kozlowski, Ohio Credit Union League general counsel, and Pat Sowick, CUNA vice president of league relations. (Photo provided by CUNA)
• CUNA and the Leagues continued to advance legislation in the House and Senate on issues important to credit unions.
And while the monitoring and preservation of credit union tax status remains our highest priority, together we have taken a broad-based, multi-faceted approach to address critical issues such as providing regulatory relief, expanding MBL, eliminating unnecessary ATM disclosures, and securing access to Supplemental Capital.
“regulatory relief” – what else is ALEC legislators doing for CUNA?
“eliminating ATM disclosure” – what else is ALEC legislators doing for CUNA?
“MBL” Member Business Lending – As an ALEC member – does that mean extremist right wingers Koch, Coors, Heartland, Heritage, Reason Foundation, etc … ? CUNA claims small business policy support – but so does ALEC when they spread their disingenuous press releases and ALEC publications that are meant to mislead America.
State Issues Advocacy
The unique structure of the CUNA-League System ensures that credit unions are protected not just in your state, but in all 50 state capitals.
• CUNA and state leagues participated in national meetings of state legislators held by the National Conference of State Legislatures (NCSL) and the American Legislative Exchange Council (ALEC) to promote credit unions and credit union friendly legislation to the attendees.
I do not want my credit union associated with ALEC - in any way.
Not directly – not through a trade association.
From the CUNA webpage it notes the following about credit unions:
Not-for-profit. Credit unions are not-for-profit financial cooperatives. We exist to serve our members, not to make a profit.
As long as you are a member of ALEC – you serve the corporations interests and not mine.
Social Purpose: People Helping People. Credit unions exist to help people, not make a profit. Our goal is to serve all of our members well, including those of modest means – every member counts.
ALEC is a non-profit also – that does not give it any points in my book. As long as you are a member of ALEC – you serve the corporations interests and “EVERY member” DOES NOT count.
Ownership. Credit unions are economic democracy. Each credit union member has equal ownership and one vote -- regardless of how much money a member has on deposit. At a credit union, every customer is both a member and an owner.
WELL – this owner doesn’t want my credit union associated with ALEC - in any way.
Not directly – not through a trade association.
The continued financial support of CUNA to the American Legislative Exchange Council supports ALEC’s extremist right-wing agenda.
By continuing to support ALEC:
CUNA is supporting financial de-regulation
CUNA is supporting privatization of government
CUNA is supporting the elimination of unions
CUNA is supporting the elimination of the minimum wage
CUNA is supporting climate denial legislation
CUNA is supporting Voter ID
CUNA is supporting Kill at Will
By continuing to provide financial support to ALEC - CUNA can NOT distance itself from the extremist agenda of ALEC.
The items noted above are probably NOT what the #OWS “Move Your Money” folks want to support.
I have contacted multiple people/organizations trying to get them to contact CUNA to #DumpALEC and my requests appear to have gone unanswered (it's been awhile). So I turn to social media.
As long as credit unions affiliate themselves with the American Legislative Exchange Council I do not see them as a good alternative for the public.
AND JUST LIKE OTHER ALEC MEMBERS
CUNA TRIES TO HIDE THEIR ALEC MEMBERSHIP!!!!
"Protecting the interests of credit unions."
That DOES NOT sound like a member based cooperative to me.
That sounds like ALEC-speak!!!