Melrose CU CEO Alan Kaufman Departs

So now credit unions will end up paying for this fiasco, and by the looks of it, a lot of our members' money will be needed to pay for it. I wonder how many credit unions will fail as a consequence of their earnings being confiscated to pay for this bull. I am sure waivers had to be sought from the NCUA for this activity. Sigh, no wonder credit unions are becoming a footnote in history.

Dennis Moriarity

CEO, Unity Credit Union

Warren, Mich.

The whole medallion fiasco is a case of credit unions investing member equity in a place where it never should have been. The premise of "these values will never decline" or "safe, high-yielding investment" was always too good to be true. Whenever a credit union goes astray from its core values, bad things happen.

I agree with Dennis, credit unions are fast becoming the buggy whip makers of the 21st century.

Billy Bob Jim

The issue here is not the ride sharing technology. The issue is the ride sharing companies do not have to follow or conform to the existing regulations. They are not playing on the same playing field.

The ride sharing companies have a compliance and regulation advantage. They can surcharge anytime they want. Ride sharing companies are allowing drivers to drive your family and friends places without any criminal or moving violation background checks.

It is not different from what most credit unions have to deal with when competing with banks. [There is an] arbitrary 12.25% business lending cap and no secondary capital to grow. Banks do not grow capital or do business lending better than credit unions. Banks have a compliance and regulation advantage.

Issa Stephan

CEO, First Financial FCU

Freehold, N.J.

Uber has a competitive advantage over Union Cab Cooperative here in Madison because they are not subject to the regulations that require cab companies to operate 24 hours a day. Without standards for background checks or a mission to pay workers a living wage, they can beat the cab co-op's prices … but usually these things cause a greater cost somewhere else in the community.

Holly Fearing

Social Media Advisor

Filene Research Institute

Chargeback Limits Coming for Card Issuers

When Visa advertises "zero liability," it is not talking about consumers – it is talking about Visa. Merchants just go about their merry way and card issuers are left, once again, having to foot the bill.

Billy Bob Jim