When are we going to stop using our financial and political capital to try to pass bankruptcy reform? Are there no other issues that are central to the long-term financial health and competitiveness of credit unions? It seems that bankruptcy reform has become the major focus of the credit union trade associations. It reminds one of the bank trade associations' fixation on credit union taxation. The time, effort and money expended makes no sense given the low probability of passage of the legislation. Our credit union would like to reduce our bankruptcy losses like everyone else, but does anyone really think that bankruptcy legislation will result in a major reduction? The bankruptcy lawyers and courts will find any way they can to get around the legislation put into law. Finally, how many legislators who have been long-term friends of credit unions have we alienated because they were not supported for re-election solely based on bankruptcy legislation? Don't we need to keep all the legislative friends we can for our future battles? It is time to reconsider this tilting against the bankruptcy reform windmill. Patrick M. McPharlin President/CEO Michigan State University FCU East Lansing, Mich.