This past week, readers didn't hesitate to share their opinions on Navy Federal Credit Union being fined by the CFPB and the issue of the CFPB's constitutionality. Here's a snapshot of what they had to say.

“Michigan Credit Union Declines Wendy's Card Use,” Oct. 10

Seems like a smart move to me. I liken this to enabling rules to prevent access to online lending systems to notoriously bad IP addresses. Why not do the same for merchants?

James Stock

“Navy Federal Ordered to Pay Back $23 million to Members, $5.5 Million in Fines,” Oct. 11

Sometimes, large financial entities like Navy Federal Credit Union and Wells Fargo Bank, because of their size and complexity, tend to lose sight of the member, customer or their purpose, which is to provide financial services.

WVF

I find it interesting that the credit union for as large as it is seems so innocent. Maybe it's a different level of a Wells Fargo case.

RoleBlond

You really think what Navy has done is even comparable to Wells Fargo? Check out the NYCUA daily compliance blog. Some of what Navy did is blatant overreach. But some of it is happening in very small credit unions right now and they're doing it because they think the NCUA said they could. This ruling is going to cause issues throughout the credit union industry and has nothing to do with asset size.

KoatSCU

“Check Board Performance, Not the Box,” Oct. 12

This process is certainly invaluable to credit union boards and underutilized. The terms “assessment” and “self-assessment” seem to be incredibly off-putting and threatening to directors. I prefer to use “calibration” or “alignment” to describe the effort.

The goal is to set up conversations that will make the group function at a higher level.

Kevin Smith

“Questions Lurk Over Navy Federal and CFPB,” Oct. 12

Two things: 1. I learned a long time ago to not threaten an action if you are not prepared to do it. 2. Why hasn't Mr. Leggett gone away? He's now retired. Take up golf or some other hobby please!

BillyBobJim

“Why Millennial Employees Are Not That Into You,” Oct. 13

I've sat in way too many planning sessions where the facilitator convinced the board, “We need to hire more millennials.” My issue is you have to start somewhere in a job and that place is not going to be on the executive team or as the CEO.

BillyBobJim

“CFPB Court Ruling Likely to Increase Agency Accountability: Attorneys,” Oct. 13

Mr. Cordray is a zealot and nothing will change until he is removed. The CFPB will come down in history as one of the biggest mistakes in government.

BillyBobJim

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