Ms. Anderson,
Several articles and letters I thought were very good in the May 20 issue were "Credit Unions Are Payday Lending Answer," "Are Credit Unions Being Regulated Out of Business?" and "Credit Unions Brace for New Accounting Standards."
Sorry to hear that happened to your millennial sister, devil in the details on that. I don't think that happens to our credit union much, it may but we do not lose too many personal loans to community banks. It was probably her family connection they took into consideration. That always helps in gray decisions. We try to teach our loan officers to look at how to make the loan and not deny it, or at least give the member some options of how we can make it work with a co-signer, collateral in a vehicle, etc.
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On another matter, I am glad to see some fresh air blowing at the NCUA board, it can't hurt. Credit union land needs some relief, but we see none coming, just more expenses and regulation. The CFPB is out of control, or to be more exact, they are in total control and much fear of them exists, which they seem to relish. But we press on nonetheless, smile and try to stay one step ahead of them.
David W. Proffitt
President and CEO
Alcoa Tenn Federal Credit Union
Alcoa, Tenn.
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