During the last week of July, CU Times reported that 53 State Bankers Associations called for an NCUA investigation in a letter to Congress. We also covered a July 23 congressional hearing, at which NCUA Chairman Debbie Matz controversially stated, "credit unions don't represent their members." Here's what several readers had to say in response.
"Bankers Press for NCUA Investigation," July 24
Letter to the Editor
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At its highest level, the NCUA (as a civil servant) is responsible for doing what is best for the people of the United States. They are not in their roles to serve the agency itself, or to serve the share insurance fund, or to serve credit unions' or bankers' interests. And, serving the people of the United States requires a singular dedication to giving "as many people and businesses as possible (within the applicable laws)" access to credit union services and products, with fairness and with the greatest possible economic benefits. I would hope that the NCUA has some clearly stated mission along those lines.
—John Tippets, retired credit union CEO, Colleyville, Texas
Online Reader Comments
You have to excuse her – she is a politician first and by nature, thinks all of the money is theirs by right. I get it…if credit unions cared about their members, then they would want a superior regulator that is fully funded. That is the twisted logic of the NCUA.
How many credit unions' budgets were balanced by layoffs and livelihoods ruined through no fault of their own, while they still provided the level of service their members deserve? Matz knows nothing about how to run a credit union. The fact that she is proud the NCUA is one of the best places to work says it all. Tell that to the many of us who have made sacrifices in pay cuts, benefit cuts, layoffs and countless hours of lost sleep. Matz should be making sacrifices for the industry instead of making the NCUA a great place to work.
—sweder
Listening to Matz testify to Congress was painful. Did she really mean to say that "credit unions don't represent their members"? Did she have a couple at lunch preceding the hearing or is that what she truly believes? She also said that credit unions really don't care about the NCUA's budget, which is absolutely wrong. Here's why!
As the corporate failures began to mount, it was pretty evident that the only solution to the disaster would come from the backs of natural person credit unions. We knew it would not be at a cheap price and would severely impact the way we do business. Something else we knew was that we would be operating in a highly artificial and controlled environment, and our ability to improve revenues would be tested. As a traditional credit union that promotes thrift and makes cheap loans, we accepted the fact that we would need to fashion operational efficiencies by cutting expenses rather than dump additional fees on members, most of which seem to fall on those who can least afford it. So we did. It has not been easy as we struggle to keep the non-profit cooperative idea alive for members of Unity Credit Union and their kids.
Just for the record Mrs. Matz, we care a great deal about how our member money is spent because every dollar that is funneled to the fund belongs to some member, and, as far as I can tell, might be better used by those of us who care how it is spent – not by a chairperson with silly, aggrandized ideas who has gone "Washington" on us.
—Dennis Moriarity, CEO, Unity Credit Union, Warren, Mich.
What kind of leadership makes a comment like that? Maybe the leader of an agency that doesn't represent ITS members…
—CU CEO
I've long felt that Ms. Matz hates credit unions and now her comments prove it. The whole "how dare anyone question me" attitude is old and tired. Isn't her term up?
—BillyBobJim
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
