“I hope that it will look like a “back-to-the-future” revolution. Back to the most basic of cooperative design principles, alive and well. Those concepts move front and center in the organizations driving our futures.
And they are actively promoted by regulators, examiners and auditors of our operation.
I would hope that organizations, both small and huge, will capture the attention of cooperative owners in a way that truly radiates a win-win with the consumer side. “Do no harm” will be our thinking. A respect for our community will drive our entrepreneurial spirit to leverage our financial power more broadly.
We will cast aside our centralized thinking about what is relevant and put upon so many today. Instead we embrace the spirit that every charter is relevant for the simple fact that they willed their CU and its future into the mix.
Bottom line: It will be an industry with a resurgence of purpose over the balance sheet score cards of today.”
To what end? PenFed effectively stole the net worth of some 19 other credit unions and those members got a big fat lump of coal in return. As your stats point out there is no lift to the membership. What got lifted was the net worth to feed the greed at PenFed. What is greed? When more is not enough. The more they merge the greater the operating expenses. It’s not about economy of scale its about NCUA approved net worth theft. The members created the net worth and PenFed stole it. NCUA approved it. WHY? Fewer credit unions is less work for the NCUA. Fewer credit unions less risk to the NCUSIF, and fewer NCUA exams. PenFed is gaming the chess board and it is NCUA approved. And the credit unions are the pawns on the board.