Chip Filson
The Seated Boxer, an iconic ancient Greek work of art, shows a grizzled veteran of the ring, equal parts resigned and ready to spring into action.
What I like is a sense of respite from competition, the powerful athletic physique and the tiredness that surrounds his humanity. Is he a winner this day? Are there more fights to go? How will his efforts be remembered?
These are questions that all of us encounter, in literal or figurative ways, in our daily efforts.
Russia’s invasion of Ukraine is a war that is now longer than America’s participation in WW II. Or Russia’s fight against Nazi Germany in the war.
Ukraine is defending itself, its European democratic neighbors, and all who believe in freely chosen political leadership. Winston Churchill said it best during Great Britain’s “finest hour” when that country stood alone after Germany had subdued the entire European continent: “We are fighting by ourselves alone, but we are not fighting for ourselves alone.”
A local Ukrainian support group in Bethesda, MD sent packages of excess Halloween candy to Ukraine for school children’s gifts at Christmas. Here is one report and a picture:
Our Halloween candy was distributed in Christmas gift bags. Comments from teachers indicate that sometimes small children often don’t know what to make of these gifts. Seeing photos, I couldn’t understand why so many of the kids weren’t beaming with unbridled joy.
Then, I realized how many have had to adapt to a life of sleepless nights in shelters, with wailing sirens. Now, many also have to contend with the constant cold in sub zero temperatures. This is the 4th winter in these conditions for these children. They often just stare at the Christmas candy bag and ask hesitantly “I can have this? This is for me?”
Amid a prolonged, harsh cold snap (low of -16C/high of -10C) and lack of heating, Ukrainian Railways has deployed “resilience carriages” in powerless parts of Kyiv region. Inside, they offer a place to warm up, charge gadgets, use Starlink. Plus tea, coloring books & cartoons for kids, food/water for pets.
They’ve been heroes in the eyes of the Ukrainian people since the start of the war – literally a lifesaver during the country’s darkest times. In the Kyiv region, more than 1,000 buildings are still without heat for 3rd day after massive Russian attacks. Source: January 11, World Briefing
How some observors are thinking about this year’s priorities. And how these ideas may influence credit unions.
I am longing for a community built on shared purpose and effort.
(https://www.youtube.com/watch?v=hiRsApI2Zxg)
(https://www.youtube.com/watch?v=zWV2lr-xT-M)
[The] strategic capital built over decades is now being squandered. And in the long run, an America (read credit unions) that behaves like an utterly self-interested predator on the world stage (in the coop system) will not grow stronger; it will grow lonelier.
Allies will hedge. Partners will search for options. Neutrals will inch away. And the rebalancing that history predicted all along may finally arrive — not because America (credit unions) became weak, but because it (they)forgot the real source of its (their) strength.
Dangerous Memories, Royal Consciousness, and Galactic Empires
This is the 12th day after Christmas. In the Christian tradition this is the moment the three Wise Men came to the baby Jesus with their gifts of gold, frankincense, and myrrh,
Only Matthew of the four gospels has this story. Most of the details are from tradition and not the Bible.
This spare account has given rise to numerous theological interpretations. A traditional one is that this event first signifies that the Jesus’ life was for the entire world not just the Jewish community.
The central action is kneeling to present the Wise Men’s gifts. And many commentaries about this passage discuss how difficult and yet important is offering the proper gift to a person or for a special occasion.
O. Henry’s short story, The Gift of the Magi, is an insightful interpretation of rhe meaning of gifts. It tells how a young couple, living in want, try to find the perfect present for each other at Christmas. The woman sells her waist long long hair to a whig store to have enough money to purchase a fob chain for her husband’s family pocket watch. He in turn sells his watch to buy special combs for her long, beautiful hair.
There is nothing in O. Henry’s account of kings or mangers or gold, frankincense, and myrrh. Rather it portrays love’s selfless giving for another person.
A more frequent use of the word epiphany is a sudden insight, an awakening or unexpected moment of meaning.
The world today overwhelms many beit from the personal to the national or even global events. Many are uncertain how to live what some might call our authentic selves. That is a sense of purpose or meaning or accomplishment that gets us out of bed each morning. How can I make a difference?
Everyone seeks to enhance their role in life just as the Shepard boy in the Christmas chorale asks, What gift can I give him poor as I am?
O. Henry’s story suggests this desire is not about material accomplishments, although that is often our first response.
Recently at the intermission in a live holiday stage musical, I heard the following conversation between persons sitting next to me. One was a young man out of college, the second his grandpa. The conversation went something like this: S: grandson; G: Grandpa
S: I have signed up for a bone marrow donation in a couple of weeks.
G: Isn’t that painful?
S: They will drill two holes in my hip bones to extract the marrow. But they give you anesthetic the whole time.
G: How did you get called for this?
S: When we donated blood on a drive last spring in college, they asked if we wanted to be a donor, and I checked yes. Then I was called they had found a match.
G: Do you know anything about the patient? What is the disease?
S: I know she is 16 has a cancer called aplastic anemia.
G: Will you get to meet her?
S: If everything goes OK, I could see her in about a year.
The second half of the play began, ending the talk.
This conversation gave me a feeling of great hope. Here is young person starting out in life and career, giving the gift of life to someone he does not know.
This brief event was an unexpected, almost liminal experience. These two youngsters have discovered a way of living and giving that many need the entire arc of life to learn. With character like this, our future is in good hands.
When implementing NCUA’s practice of turning around problem credit unions versus liquidations or paying to merge, the key success factor was finding experienced capable turnaround managers. One name was frequently mentioned as an example by NCUA Regional Directors (RD) in this talent quest. Only after leaving NCUA did I meet him.
Jeff Farver was the CEO of San Antonio Federal Credit Union (SACU), now Credit Human, for almost 22 years–July 1990 to retirement January 2012.
In early 1990 Farver was asked by NCUA RD John Ruffin to take over NCUA’s largest problem conserved credit union. By 1995 this insolvent $650 million coop had achieved a 6% net worth.
SACU was not Jeff’s first rodeo. In the 1970’s, he had joined a small Florida bank as comptroller just as interest rate turmoil upended traditional assumptions about investment management. At Eglin FCU in Florida, he resolved a deeply flawed investment strategy as investment manager.
Based on this success he was hired as CEO of Chattanooga TVA FCU. Upon arrival, total assets were earning 8% and the cost of funds was 8.25%. The investment portfolio in 1981 was $5 million underwater due to Fed Chair Volcker’s rapid double digit increase in short term interest rates.
His success in these three previous problem situations caused NCUA’s new Region 5 RD John Ruffin to again reach out to takeover San Antonio Credit Union, the industry’s largest problem case. The credit union was $25 million insolvent with troubled business loans, fixed rate real estate loans underwater and no proactive recovery strategy. He took 90 days to assess the situation and then negotiated a partnership with NCUA to inject a NCUSIF capital note, incentive targets and forbearance for time to implement product and business changes to restore solvency. By yearend 1995 he had achieved his 6% net worth objective set in his workout goals with NCUA.
Recently Jeff shared thoughts from a decade of post-retirement mentoring college business students.
I describe his advice from five decades as balancing the tried and true with the new. A timely quest at the beginning of the year.
The reason I bring the balanced scorecard concept is that I do believe in balance! If an organization and its leadership “over-plays” diversification of its customer base and takes away resources and “pricing values” from its existing customers, it is putting at risk the customer base that brought its current success.
Further, the question must be answered how diversification impacts existing customers in the short term and more importantly in the long run. Leadership must articulate the pros and cons of growth for growth’s sake.
In 2000, SACU’s indirect auto lending was 60% of our earning assets and 70% of gross income. I recognized that gas price hikes or recessions could adversely impact our delinquencies, charge offs and financial workout. Also real estate lending was a commoditized market with narrow interest spreads and Interest rate risks causing surges in demand or declines of loan volume.
By luck I interacted with several manufactured home lenders in trouble financially. With GNMA’s help, SACU took over the servicing of their GNMA loans, hired their staff and entered this new line of lending.
Months later Jamie Dimon in the Bank One merger chose not to continue the Manufactured Home lending business. I went to Seattle and convinced 34 Western region mobile home lenders to become credit union employees. They generated $200 million in new mobile home loans the next year.
These new business lines generated improved Interest rate spreads, allowing us to pay our existing members better savings & CD interest rates. Moreover, our manufactured home loans averaged 200 basis points less than bank or other lenders’ interest rates.
When I retired in 2011, SACU had $1 billion in indirect auto loans and $1 billion in manufactured home loans. SACU’s diversification was a win for our member savers and our new MH Loan borrowers. It is the cooperative model at its best.
The key issue still today is how do mergers, expanded market reach, bank or third party loan acquisitions, and new services provide value to existing members whose loyalty created the basis for further expansion? Without balance, credit unions could lose the relationship advantage that is the basis for their continued success.
December 24, 1914 on the front lines of the British-French and German trenches, peace and goodwill broke out.
It is a happening which was considered insignificant in light of millions of subsequent deaths. Today it has become a symbol for what happens when humans recognize the humanity of even their enemies. It is a story that needs to be told 365 days a year.
Here are three retellings of the event followed by an historical account.
2. A Christmas Eve 2025 sermon at Memorial Church Harvard Universiverty tells details of this unique pause. The sermon starts at minute 35:35. (https://www.youtube.com/watch?v=yF84gdah0C4&t=33s)
3, The event as told in a folk song written by John McCutcheon, Christmas in the Trenches, November 2008: (https://www.youtube.com/watch?v=sJi41RWaTCs&t=41s)
The account from the World War Military History site includes quotes from the soldiers who were present. The story opens with scenes from the Sainsbury commercial, but later includes actual interviews with soldiers who witnessed the truce and newspaper accounts from that time.
” It’s hard to believe in dreams until it happens to us.” (from the sermon)
After reading this news story in the Philadelphia Inquirer this morning (Credit Union Members Vote Against Merger), Billy Collins’ poem came to mind about this unusual event. Both are stories of life renewed, once threatened, and now free again.
By Billy Collins
The first thing I heard this morning
was a soft, insistent rustle,
the rapid flapping of wings
against glass as it turned out,
a small bird rioting
in the frame of a high window,
trying to hurl itself through
the enigma of transparency into the spacious light.
A noise in the throat of the cat
hunkered on the rug
told me how the bird had gotten inside,
carried in the cold night
through the flap in a basement door,
and later released from the soft clench of teeth.
Up on a chair, I trapped its pulsations
in a small towel and carried it to the door,
so weightless it seemed
to have vanished into the nest of cloth.
But outside, it burst
from my uncupped hands into its element,
dipping over the dormant garden
in a spasm of wingbeats
and disappearing over a tall row of hemlocks.
Still, for the rest of the day,
I could feel its wild thrumming
against my palms whenever I thought
about the hours the bird must have spent
pent in the shadows of that room,
hidden in the spiky branches
of our decorated tree, breathing there
among metallic angels, ceramic apples, stars of yarn,
its eyes open, like mine as I lie here tonight
picturing this rare, lucky sparrow
tucked into a holly bush now,
a light snow tumbling through the windless dark.
Last Saturday’s live broadcast of the Metropolitan Opera’s Mozart’s Magic Flute was a family affair. Adapted fpr the holidays, the hope was to attract an audience of all ages.
The announcer’s credits at the broadcast’s end named the stage crew and technicians who worked behind the scenes. Then a sentence I don’t remember ever hearing. The announcer’s final words: This seasons productions at the Metropolitan Opera are dedicated to the people of Ukraine.
Two American administrations have been ambivalent in their support for Ukraine’s fight for freedom. But there has never been any doubt where this premier international organization, which engages singers from around the world, stands on Russia’s invasion.
At the Met’s first performance after the February 2022 attack, the entire cast came in front of the curtain. All used scores to sing the Ukrainian national anthem, I assume most for the first time.
One person in this across the curtain lineup, a 24 year old bass-baritone artistic apprentice, did not use a score. His hand is over his heart. An international symbol of gratitude. He is Ukrainian.
The enire audience rises. The event still brings tears from a time the world believed an unstoppable tragedy was unfolding.
(https://www.youtube.com/watch?v=mUfwy3f3R4s&t=32s)
Ukraine did not and will not surrender. It now stands as a shield for all of its neighbors. Russia’s Putin has repeated publicly his intent to restore its empire over Eastern Europe and the Baltic states. Ukraine’s national spirit reminds us of Great Britain’s heroic fight alone against Nazi Germany in 1940/1941 The Battle of Britain is still called that nation’s Finest Hour.
Following are some glimpes of the character of the Ukrainian people at this moment of Christmas hope in a place where there is no peace.
The caption with this Facebook entry: “In 2025, Santa looks just like this – with prosthetics, a strong spirit and smile stronger than any frost. The holidays come even amid war and our Heroes give us this atmosphere with their lives and resilience.”
https://www.facebook.com/reel/1582250769639125
A Christmas concert: Silent Night and Carole of the Bells. Note the audience wears winter coats to stay warm. One hears an occasional cough as well. https://www.facebook.com/reel/1371985887958494
Soldiers performing “Shchedryk” (Carol of the Bells) in a bombed out building on the front line. They are part of the Cultural Forces of Ukraine. The 3 soldiers are: Mykhailo Oliinyk – composer and pianist, Taras Stoliar – Bandurist and People’s Artist of Ukraine, and Olha Rukavishnikova – violinist and one of many young women serving in the army.
https://www.facebook.com/reel/1350402266836360
The Banchen Monastary Choir’s recent concert.
This person captures the spirit of the nation in his efforts to walk again, perseverance personified. Many Ukrainian soldiers are badly injured by Russian land mines. Wait for the smile at the end.
https://www.facebook.com/reel/1381593443675770
As Americans enjoy peace and pray to end all war, the Ukraine conflict will take more than words. Freedom will always face tests of will here and around the world.
Ukraine is giving all who believe in democratic government daily gifts of sacred sacrifice. All intended so that their children and ours may live in peace and freedom.
Garrison Keillor calls Christmas a gift to America.
I agree. It causes us to pause, for just a moment from life’s routines ,and experience something different, perhaps deeply comforting.
The season brings familiar sounds that set the tone for the entire month. Our local classical station, WETA, plays only Christmas arrangements for the week prior to the 25th.
This year Joan and I sing in two Messiah concerts. The second will be tomorrow on stage at the annual Kennedy Center’a community sing along with a full house of 2,500. The event is so anticipated that before the free online ticket distribution now, singers would start lining up at 5:00 AM the day the tickets were handed out.
Familiar music is just one element creating a more generous mood. Gifts are not limited to those near or dear. The heightened community spirit attracts solicitations of non-profits seeking support for efforts addressing multiple social needs.
Yesterday’s special Joy offering at church included four options: funds for retired ministers and staff, a DC charity serving immigrants, an area food bank or a 35-year partnership with Shokoho a Kenyan grade school in a remote farming area.
The postman brings requests from local organizations such as public broadcasting to worldwide–Doctors Without Borders. Every not-for-profit with which one has had some contact in life from colleges, museums, theaters, volunteer organizations and of course local medical providers remind us of prior associations.
Christmas brings forth people’s charitable instincts inspired by the spirit of the season. And sometimes assisted by yearend tax considerations.
In addition to Messiah, the other anticipated event are performances of Charles Dickens A Christmas Carol. HIs characters Marley, Cratchit, Tiny Tim and especially Scrooge reflect the many circumstances still present today.
We saw a trational version that featured over 30 local performers at the Silver Spring Stage. The cast of all ages played to sold out audiences.
In this year’s adaptation the author showed that all three visits by the ghosts of Christmas’s past, present and future are necessary to understanding Scrooge’s character.
Every person, or organization has a legacy, present priorities and future aspirations. Meaning and purpose combine all three. If we overlook or are not aware of our past, present actions lose context and future efforts open-ended.
Understanding how we and the organizations to which we belong navigate the timeline we all travel is essential for meaning. And future hope.
A contemporary Wall Street representation of Dickens take is the 2000 movie The Family Man starring Nicolas Cage. Past, present and future are all in one story, one person. But unlike Scrooge’s awakening, this character’s future seems less clear.
This film captures our current era when meaning is secondary to personal and corporate triumph. The film might even seem familiar to sponsors of certain recent credit union transactions.
Another reminder of this season is O Henry’s short story The Gift of the Magi.
It was published in 1905 during a period of political awakening to growing disparities in wealth and living circumstances. It is a story of a couple with no means searching for special christmas gifts for each. There is no reference to gold, frankincense or myrrh.
Rather it is a story about the most valuable gift anyone can offer another.
Garrison Keilor went on to describe why he called this season a gift to America: We experience a festival of kindness, and I sense this on the streets of New York and in the subway, I feel it in airports, the TSA agents take on a gentler tone, people are keenly aware of the elderly, the halt and lame, small children, the lost and confused, and if this strikes you as naïve, I apologize but it’s how this old man sees things.
I would only add that is how most commentators have seen this season throughout the ages. Sometimes the arc of life can bring wisdom, hopefully not only in old age.
From Bloomberg.com on December 17, 2025
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