Search
 
Commentary

Getting It Right: Silence Can Remedy Misguided Proposals

After some time, the NCUA board realizes the home-based credit union proposals disservice.

By Michael Fryzel | Updated on May 16, 2016
While a member of the NCUA board, I was the only board member who spoke against a proposed rule that would have required home-based credit unions to obtain commercial space for their operations or face closure. Advocates for the rule cited examiner safety, lack of bathroom facilities, inadequate working space, everyday access to the credit union and the inability for the credit union to grow.

The proponents of the rule forgot an important historical point. Credit unions had their start at a kitchen table where founding members put in $5, $10 or $20 bills to begin a cooperative venture, enabling people to save as well as make loans to those who needed to borrow. It was the beginning of the people helping people philosophy that enabled the credit union movement to grow and prosper.

They forgot that credit unions were established to serve specific groups: Members of a church or fraternal organization, individuals who live in a certain community, those who worked for a specific employer and others who shared a common purpose.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Michael Fryzel

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.