Rules May Stifle Short-Term Loan Options

When you have a "we know it all" regulatory agency, common sense goes away. When you look at the international remittance regulation, TRID, what is expected out of the CFPB on small-dollar loans and what garbage was released [in May] in 377 pages on arbitration clauses, you have a federal regulatory agency seeking and assuming power. It is right and the rest of the country is wrong. Too many attorneys with NO financial institution experience [are] trying to "rein in excesses" that are apparent in the minds of these bureaucrats. I wish Congress would look at the CFPB for what it has done to credit unions/community banks and directed consumers to the largest players directly under CFPB control. I truly wish CFPB Director [Richard] Cordray had enough guts to stand before serious players in the financial services industry – under oath – and answer their questions truthfully and honestly. He can't and will not. He is half the problem. The half we cannot change because Dodd-Frank was shoved down the throats of American citizens.

JustAPlayer

Board Pay Acceptance Grows

Paying board members is in direct contrast to what defines a credit union.

The argument of "paying 'may' improve performance" is a canard unless boards are actually monitored for improved performance. Let's be honest here: A CEO who can engineer pay for his or her board members is just assuring smooth sailing until it's time for retirement.

The issue of wanting to pay board members is just one more step in the direction of being a bank. The industry is blind if people still believe credit unions are different due to lower fees, better rates and better service. Lower fees: Pretty much every single bank offers free checking. How is a credit union different? OK, maybe overdraft fees are lower but many credit unions are feeding at the trough of courtesy pay, and charging a member $25 to cover a $1 overdraft doesn't sound like a low fee.

Better rates: Really? Paying 0.1% on savings instead of 0.05% isn't going to make our members rich. As for loan fees, check out your competitors' auto rates. There isn't much of a difference.Better service: There is no difference between a bank and a credit union. Open an account at the local branch of Big National Bank and see how you are treated. I did and some of the tellers are nicer than the ones at my credit union.If we want to pay board members and act like a bank then maybe we should stop kidding ourselves and stop hiding behind our tax exemption.

BillyBobJim