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Note from poet’s almanac: Edward Estlin Cummings, born on October 14, 1894, in Cambridge, Massachusetts, was a poet known for his radical experimentation with form and syntax.
“Take Action Now”
That was the request of O Bee Credit Union President Andrew Downin’s recent letter to his members.
Dated April 18, two days after the Trump administration fired the two democratic board members at NCUA, I thought this was fast action.
The immediacy of the situation was different however:
We need your help.
A proposed change in Olympia (WA) could directly impact O Bee Credit Union and the services we provide to you and our community. A last-minute amendment was added to Senate Bill 5794 that would impose a new tax on not-for-profit, Member-owned credit unions like O Bee. This amendment was introduced without any public input and ignores the real value credit unions provide.
This new tax would reduce our ability to offer affordable loans, low fees, and financial support to our Members. It’s not just a tax on O Bee – it’s a tax on you, our Member-owners.
The email closes with this request:
TAKE ACTION NOW*
* This link takes you to a trusted website from our partners at GoWest Credit Union Association.
The letter ends with: Thank you for being a part of O Bee Credit Union. Together, let’s stand up for what makes credit unions special.
What Makes Credit Unions Special?
In this event, the credit union threat is from a change in the state’s tax exempt status. There is direct parallel at the federal level.
But threats to credit unions are more than taxation. Last week the Trump administration took over NCUA. With a single board member whose term expires in four months, the agency will either bow to Caesar or navigate to keep member-owners’ interest first.
If the latter course is followed, it will need the support and engagement of the members. This existential threat may be harder to rally for member action versus opposing taxation, No one is for taxes.
But it is critical to point out the NCUSIF logo on the credit union’s marketing materials represents a uniquely credit union designed and dedicated cooperative fund. Even this email includes the words: Federally Insured by NCUA.
During the Silver State banking crisis in 2023, the credit union community promoted their separate insurance fund as well as the differences in institutional structure and risk versus banks.
Many factors make credit unions special. For me the most important takeaway from this communication is not the issue of a tax change or the current Agency takeover in DC, but rather the request for members to act.
It is member involvement that will separate the credit union issues from the transactional lobbying circus in Washington. O Bee does an excellent job communicating their credit union’s uniqueness in their monthly messages.
This corporate discipline to stay connected with members is a potent power. This was the first but not the last time members will be asked to take action in the months ahead.
An Easter Miracle in Real Life Yesterday
Most people have doubts about the Easter events at the core of Christian belief. From early childhood to our senior years, everyone asks, Did It really happen? The story seems nonsensical.
Our questions and skepticism are the same as on that first morning. No one believed the women’s initial accounts of an emply tomb or of some brief, unusual experiences shared.
But then life intervenes for us. Real joys, sorrows, tragedies all mingled with deep love by those around us. Somehow this example of divine goodness in human life comes into our view.
And when we are scared, uncertain or even comfortable sitting on the sidelines of life, we summon the courage to assert hope in a belief that our future can be better than what we face now.
Here is an example from yesterday of this miracle in one of the most difficult circumstance of life. The news story captures this fundamental human hope, grounded in a love, that never dies. And the desperattion of those still waiting for their miracle.
(https://www.youtube.com/watch?v=WFff3ADgCKI)
The Mystery of Faith
If a more ordered explanation of why so many have this Easter hope, here is a plain spoken talk on this continually evolving journey of belief.
(https://www.youtube.com/watch?v=BCq6bgGVgcY)
Happy Easter Monday. Know there is more to come. As we see hope in others, it will rekindle our own faith that life’s possibilities are more than what we see today.
If you need another living example of this faith, here is one leader’s belief in the future: Evil has its hour, but God has His Day.
*https://www.youtube.com/watch?v=nu9Nqn8HQy0)
Good Friday 2025
What Trump’s Removal of NCUA board Members Means and Actions Now Needed
The decision yesterday to remove two of the three board members of NCUA without cause puts the future of the credit union system at grave risk.
Why an Independent Agency in 1978?
Credit unions were critical to passage of federal legislation in 1978 (12 U.S.C. 226) to convert NCUA’s single administrator status to an independent federal agency. This new design was implemented in 1979 with a three-person board confirmed by the Senate.
A major reason for the change was that credit unions were increasingly concerned about the concentration of power and oversight by a single administrator. They sought a check and balance of policy priorities with a board where only two members could be from the same party.
The Credit Union System’s Future is At Stake
It was credit union experience and action that brought about this new structure. Credit unions and their members are the immediate losers in the abrupt removal leaving a single person in place. The authority of this remaining NCUA board member is at best uncertain and at worst entirely without agency to undertake regulatory actions.
An NCUA board of two can and has carried out its normal oversight and policy making decisions. Without a legal quorum for board action the topic of whether NCUA can make any routine or extraordinary decisions is an open question. Can a one-person board issue a new charter, approve a merger, challenge a bank purchase or even hear an appeal of an exam finding?
Undermines Safety and Soundness
This uncertainty will cause both routine and extraordinary NCUA responsibilities to be doubted or mistrusted. It will erode confidence in the agency’s ability to respond to credit union problems or crises whether singularly or systemic.
Once the public confidence in NCUA’s capacity to perform is questioned, that trust will be difficult to regain.
These firings occurred yesterday, the day before a scheduled NCUA board meeting, subsequently canceled, to present a plan to reduce the agency’s headcount and budget. Was this action initiated by DOGE inserting itself into the agency’s operations? What authority if any does the Chairman as a lone board member have?
An Immediate Credit Union Response
This is the third time Trump has removed democratic appointees to an independent federal agency. In both the NLRB and FTC removals, the persons fired have filed legal challenges. The outcome in the courts could take months, or even longer to reach a final resolution. There appears neither a quick nor clear outcome.
However, in the credit union system there is an important option not available in these other agencies. Credit unions have a dual chartering system. In ten states, state charters are eligible to leave the federal system entirely and choose a cooperatively designed insurance fund for their members, namely American Share Insurance (ASI).
An immediate priority for all system components is to expand this option. In some states the approval can be by the state regulator, authorizing this choice. In other states such as Michigan it would require legislation.
The time to act is now to establish more options in more states and to educate credit unions that choice is a critical. This is one means of saving the system from a fate entirely dependent on whatever occurs at the federal level.
The Urgency is Now
Expanding options now is critical because there is a high likelihood other federal shoes will fall. The discussion of federal regulatory consolidation under Treasury is public. OCC is now a bureau within Treasury run by a single administrator. Another effort to coordinate federal financial regulatory policy would be to have one deposit insurer, not two.
The removal of NCUA’s board members is the beginning, not the ending step in the makeover of federal credit union oversight. DOGE’s NCUA staff cuts and budget reductions were just a prelude to force consolidation.
Speak UP and Show Up
More details about the state of board deliberations and other changes DOGE may have required would be useful. It is important that persons seeing these events share what is the state of the agency. What is the role of Hauptman, the lone board member? What is the state of the agency’s exam and supervisory capability? Have outsiders been brought in and what role are they taking?
Silence is the ally of authoritarian behavior. Every NCUA employee took an oath of office to defend the Constitution as explained in this post, The Oath:
One purpose of the Oath of Office is to remind federal workers that they do not swear allegiance to a supervisor, an agency, a political appointee, or even to the President. The oath is to support and defend the U.S. Constitution and faithfully execute your duties. The intent is to protect the public from a government that might fall victim to political whims.
Now is the moment for NCUA employees who believe in the purpose of credit unions to share the facts about what is going on within the agency. The two former board members should also speak up about recent internal events.
These firings are a direct threat to credit unions’ future. It is an immediate undermining of the safety and soundness architecture of the cooperative system.
CEO’s need to lead the charge, state the problem and mobilize members to protect their system. This is a moment for direct action. A time for leaders to make their views known publicly and not attempt to hand over their role to middlemen or fixers who claim connections. It is time for the people in power to see the power of the people.
Credit unions must join the “hands off” demonstrations around the country. Show up outside NCUA’s office. Do this often and show the media what is at stake and the willingness of people to protect their member-owned coops.
This is a fight for the future of credit unions. The industry did not seek it, but must confront this threat. The time for action is now, not waiting to see how this might play out or for some hypothetical political solution.
Credit unions are the latest in a series of efforts by the administration to control law firms, universities, trading partners, etc. What we’ve learned is that Trump’s first bite of the apple is never the last.
A Statement of Belief from 1935 by Credit Union Founders
Daryl Empen. CEO of Gas and Electric Credit Union, sent me the first Annual Report of his credit union. The three pages describe the results for members after just six months of operations in 1935.
His comment: While we are offering services today that could not have been dreamed of in 1935, in many ways, our mission remains the same – improving the financial well-being of our members. We are still granting loans today for these same reasons and are still focused on improving their lives.
Sometimes, I think we make this job too complicated instead of focusing on that purpose. Reading this brought that back into focus for me.
I share most the typed Report because the context and accomplisments in just six months are remarkable. The Report discusses the state of the industry in 1935, presents multiple member benefit examples and projects an unlimited future-in the middle of the Depression. (I added subheads.)
Annual Report of the Secretary of Peoples Power Employees* CreditUnion as of December 31, 1935 (January 13, 1936)
To the members of the Union:
On the night of May 9, 1935, a meeting was held in this auditorium for the purpose of discussing what has already provided progressive and far-reaching steps ever taken by the employees of this company- the voluntary banding together of a group of men and women with a common interest for cooperative saving, service and profit; in other words, a credit union. . .
From that day on, your directors have worked untiringly to make this Union an outstanding success. Much credit is due to the President, Vice President and Treasurer who have met to transact routine Union affairs and emergency business and consider old and new problems.
CUNA, League Membership and Tax Exempt
Among the more notable accomplishments of the year are the acceptance of the Union into the Credit Union National Association and Illinois State League, the exemption from Capital stock and Federal income taxes, the election of President Weise, a director of the Mississippi Valley Chapter of Credit Unions, Treasurer Dau as executive chairman of the same organization and reduction of borrower’s insurance from 8% to 5% retroactive to October 1st.
Employees Are Benefitting
Already several employees have been released from the clutches of loan sharks, placed on a definite schedule and are fast getting back on their feet.
Others have settled long standing hospital and doctor bills at substantial savings.
Still others are saving for vacations, Xmas savings, insurance, furniture, automobiles and other wants too long to be listed, all of which, can be accomplished at considerable reduction due to elimination of installment buying.
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. . . today, there are over 3,200 Unions in operation and new ones being formed at the rate of 150 per month. The statutes of 42 states contain Credit Union laws. In Illinois alone, there are 250, Cook County leading with 126. The Tri-City area, with only a recent start already has 14. (Ed Note: there is no reference to federal charters in these totals.)
The basic soundness of the organization is evidenced by the fact that with banks closing in large numbers, not one failure of an industrial Union mas recorded during the depression.
The movement is only now seriously getting under way and is rapidly spreading to every state in America.
The Depression
The Credit Union has definitely arrived. The question is: Has it arrived in time?
During the past 5 years, the American people have been suffering thru a depression unknown in history. We have machinery in abundance capable of providing a plentiful living for every family in America, but because this machinery is being operated under out-moded financial theories, the result is poverty in the midst of plenty.
And the result of this is a series of mass movements on the part of millions of sufferers. It is useless to point out the futility of most of these movements such as, “share the wealth” and “soak the rich” or that they are economically unsound.
These people want positive constructive action which will result as soon as possible in definite benefits. And that, it seems to us, is the responsibility of the Credit Union.
You members now have some idea of the relation of money and credit, and our problem is to effect the distribution, not of our present small and dwindling supply of wealth, but of the plenty which we now have the capacity to produce by means of credit.
The credit Unionist can lend his influence to discourage unsound and destructive political legislation which can only result in making conditions worse.
Frankly, your directors have been somewhat puzzled at the continued refusal of some employees to join. Our work is not seasonal and with very few exceptions, there are none of us that are unable to save at least a small sum each month.
Let us look at some of the benefits that accrue to the Union member.
The most difficult step is the first, to resolve that I will have some of my salary laid away for me each month before I can spend it. Deduction is made from your paycheck, this procedure making it even easier than bank deposits.
Once formed, this habit becomes a powerful force as all habits do and before long, the small sums that formerly trickled away, mount up and, before long, the member has a balance that will really be of some benefit to him.
Safe and Sound Operations
Next, the safety of your capital. Your treasurer is bonded. An employee applies for a loan. He must furnish two cosigners, satisfactory to the committee, or collateral, At least one of the directors is personally acquainted with the applicant, we know his reputation, financial status, responsibility and habits. In fact, we know him and his circumstances far better than any bank or loan company can ever know their customers.
In addition, he makes a wage assignment, and his life is insured. The loan is repaid by pay roll deductions, a definite amount each month. And finally, the application is carefully scrutinized and must satisfy the Credit Committee that the purpose of the loan is what we term provident. That is, the loan will be used for some purpose that will benefit the borrower.
Page 3
Already several employees have been released from the clutches of loan sharks, placed on a definite schedule and are fast getting back on their feet.
Others have settled long standing hospital and doctor bills at substantial savings
Still others are saving for vacations, Xmas savings, insurance, furniture, automobiles and other wants too long to be listed, all of which, can be accomplished at considerable reduction due to elimination of installment buying.
An Unlimited Future
The future of Credit Union functions are unlimited. Some are writing automobile insurance, organized collective buying agencies, and deal in certain types of mortgages. Legislation is now pending in Washington for the establishment of Credit Union banks scattered over the various states to act as clearing houses and care for the details and business of adjacent Unions.
Your directors feel that the Union has accomplished a real service in this company. The employee whose mind is free of financial worry is a better workman, and that which benefits the employee, benefits the company.
In a like manner, the things that benefit the company, benefit the employee. For the first time an employee can turn to his director assured of friendly considerate help in his financial problems, instead of appealing to an outside loan company who can and do, charge him as high as 42% per year.
And let me assure you that no director will ever betray a confidence. You can discuss your needs to him with the full assurance that it will never be violated.
A loan case study in the 1935 Annual Report
Consider two options. An employee decides to buy a certain article for $200.00. He can buy it on the installment plan, paying $5.00 per week 40 weeks, or he can buy it through the Credit Union.
He can buy the same article for cash and get approximately 20% off the installment price for $160.00. He borrows $160.00 at 1% per month on balances for 40 weeks or ten months. The cost of the loan is $8.80, so this desirable article has cost him $168.80.
Buying at the rate of $4.00 per week, he pays $200.00, plus 6% for a year, so that the installment price is $212.00. The Credit Union member pays $168.80 and the non-union member pays for the same commodity from the same company $212.00. The difference is $43.20 or a total of over 20%.
The Savings Advantage
Or, place $200.in a bank. At the end of a year, they will pay you $5.03. Placed in the Union, the same amount at our present earning capacity would produce $10.00
What Does Your Banner Say?
I took this picture in Bethesda yesterday. Where do you think this banner is hanging? The local primary school, our town hall, outside a car dealership, a grocery store, a CVS drug store, or maybe a bank?
It is in the front yard of St. John’s Norwood Episcopal church. You probably guessed this from the picture.
St. John’s has an active community presence. My wife has volunteered at their Opportunity Shop for two decades. A group within the congregation holds regular fund raising efforts for Ukraine in partnership with nearby St. Andrew Ukrainian Orthodox Cathedral.
Last week the two churches held an Easter bake sale that raised $8,600. The week before there was an appeal for 200 civilian tourniquets at $100 each. In three days they collected over $4,000.
Welcoming the stranger, you might say, is what churches are supposed to do. Right?
A Shared Value
That welcome is also one of the foundations of America as a land of hope and opportunity. For at one time in our family histories, we were all strangers to this land.
Americans by and large take pride in their roots elsewhere. In our family the kids trace their heritage back to the Scots-Irish, China, Africa and Missouri. Why Missouri? That’s where my Mom and Dad went to get married after Pearl Harbor because there was no required waiting period as in Illinois.
American businesses, such as Ancestry.com and 23 and Me, were created to help us trace our many heritages. Families sometimes refer to their Mayflower or Daughters of the American Revolution relatives. We are all immigrants for one reason or another.
However national daily events are undermining this core American ideal and strength.
Transactions Versus Values
Would your credit union put the above sign outside your main office? Some have sought to serve recent arrivals even using alternative identification numbers.
But credit unions compete in a capitalist society in which dominance and control are sought and celebrated. The deal maker is now as honored or more so than the entrepreneur.
Credit unions were designed as an alternative to this drive for power. The industry’s top public policy priority at the moment is to protect their tax exempt status. This was granted to reflect the non-profit purpose of serving those whose needs were unmet or taken advantage of by profit driven firms.
Values were core to this purpose. Individuals could find personal economic opportunity through a cooperative structure they owned and directed.
But market realities and personal ambitions have a siren allure that is hard to ignore. Here is the latest press release of this cooperative drive for market dominance headlined with the words: A Powerful Partnership
San Diego, Calif., (April 11, 2025) – In a move that would change the financial landscape of Southern California, California Coast Credit Union (Cal Coast) and San Diego County Credit Union (SDCCU) have announced plans to merge, pending regulatory approval and a Cal Coast membership vote.
Upon approval, the combined credit union will boast a powerhouse organization with assets totaling nearly $13.5 billion, 65 branch locations, and more than 1,400 employees serving members in Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara, and Ventura counties. The organization will remain the fourth largest credit union in the state and become the 16th largest in the nation. (emphasis added)
Size, power, dominance, strength, resilience are all elements of a transaction versus a value motivation.
Both institutions are financially strong, viable, creative and successful. However the cooperative merger math is that 1 + 1= 1. No longer are their two boards, two management teams and business strategies seeking to better serve their longtime member-owners. Not a single benefit is listed that is not already available for a person choosing to join either credit union. The industry has in fact reduced not expanded its reach.
The Stones Will Cry Out
One would hope that the long standing service of these credit union directors would have given them some insight into what makes credit unions different and successful. It is not size, ranking within their state or nation, or even the number of branches or ATM’s.
Values inform purpose. Together they can make credit unions a force to serve where for-profits will not. Without these integrated in the institution, the cooperative difference is lost.
Values are talked about at funerals. I attended performances of Brahms German Requiem this weekend.
Two English translations summarize the realities we all face:
“All flesh is as the grass, and all the glory of mankind is as the flower of grass. For the grass withereth and the flower thereof is fallen.”
And in case we miss the point, “Verily mankind walketh in a vain show, even his best state is vanity.”
The sign above has a little noticed two words in the lawer left hand corner. It says “Faithful America.”
The Brahms Requiem and two words on the banner remind us of our transient and transcendent opportunities. If we are silent in these moments of responsibility, one prophecy says the “rocks will cry out” the truth of our behavior. What sign will you put outside your credit union?
Our Moral Moments
When Jim Blaine was CEO of SECU(NC) he was sceptical of his peer’s elaborate strategic plans. Instead he offered his mimalist version as follows:
Vision: Send us your Moma.
Mission: Do the right thing.
These were guiding principles for how to serve members as well as evaluate tactical business options.
I was reminded of this simple guidance when reading the following “bettter deal” story from a CEO’s update for the staff and board:
Another member, Jessie, was set on purchasing a vehicle from Carvana for $19,880, even though its actual value was $15,300. While he was still willing to proceed, I wanted to ensure he got the best deal.
After a quick search, I found the same vehicle, in the same color and trim, but two years newer at a local franchise dealer for the same price. The vehicle was priced at its actual value, making it a far better investment. Jessie ended up purchasing the newer vehicle and closing through CUDL, securing a much smarter deal.
These are Not Normal Times
Yesterday another administration error was corrected by the Supreme Court which ordered that a migrant mistakenly sent to El Salvador be returned to the US. The administration denied it had the power to do so.
Senator Cory Booker recently spoke:
“These are not normal times in America, and they should not be treated as such. This is our moral moment. This is when the most precious ideas of our country are being tested….”
As DOGE has now moved into NCUA, it is important to remember Booker’s assertion that, “In this democracy the power of people is greater than the people in power.”
The Wrong Part
While resignations on principle, the dismissal of career federal employess and wholesale demolition of federal government departments may seem remote or even necessary to some, the continued destruction of government services will ultimately negatively affect every American.
But we need look no further than credit unions to see how hard it is to follow Jim Blaine’s simple maxim to do the right thing.
CUDaily founder Frank Diekmann recently wrote an opinion piece Lots of Questions About Mergers. He .summarizing the multiple motives given members including examples of questionable accuracy:
The vague claims about “more products and services” and “better rates.” The big payouts for some management teams and nothing for the members. Whopping amounts of net worth just being transferred to the acquiring CU. And relatedly, a question that is never answered: if you’re lamenting you just couldn’t offer certain products and services, why didn’t you tap into some of your deep pile of capital?
Also related, and a question I wish I could ask of many CUs: where in the world has the board been over the last few years or decade?
Our Moral Moments
What we are seeing in our public and professional lives show the inevitable challenge every person encounters at some point. Perhaps more than once as we grow through stages of increased responsibility and accountability.
We all believe in our hearts we will do the right thing when necessary. Unfortunately many others rely on a reality that “everyone has a price” with which they can be induced to go along.
Author and spiritual leader Richard Rohr described this human circumstance as follows:
It may not be in our power to determine how things will unfold, but it is in our power to decide how we respond. It is in our power to hold on to the practices that nourish us, inform us, and give us courage. It is in our power to remain in integrity, to choose nonviolence and noncooperation in the face of all the wrongs we are seeing.
The beginning of a way out is to honestly see what we are doing. The price we’ll pay is that we will no longer comfortably fit in the dominant group!
Doing the Right Thing may not put you in the dominant group. Remember that your ability to resist is because others gave you the personal wherewithal to both see and chose another way forward. That is the individual foundation which all institutions require to survive. We call that personal responsibility democracy. It is how we achieved the freedom we share today.
Democracy Without Votes in Credit Unions
This is the season for annual meetings in credit unions and stockholder owned companies of all sizes.
Make Your Voice Heard
Because I inest In Vanguard mutual funds I sometimes receive the above email subject line followed by this message;
Be the vote that counts |
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Dear Vanguard Investor, As an investor in these securities, you have the right to vote on important matters. This is your opportunity to make a direct impact on your investments. Your vote counts! |
A Credit Union Example
For over three decades I have had a CD in a credit union of approximately $20,000. It is paying .25% interest.
The credit union recently sent all members this email announcing their annual meeting for member-owners:
| Dear Member First Name, |
| We are conducting the 2025 Annual Meeting by Electronic Transmission as provided in Section 411 of the Amended and Restated Bylaws . . . effective April 28, 2017 (the “Bylaws”).
The Annual Meeting will be hosted by video conference on April 25, 2025, at 5pm PT. |
Registration is required to attend |
| We welcome you to join us and take this opportunity to submit questions in advance. To register, please send an email to X no later than 11:59pm PT on Monday, April 21, 2025.
If you would like to submit a question, please do so in advance via email (to the same address above). We will answer as many questions as possible during the virtual meeting. |
How to receive Annual Meeting materials |
| The Annual Meeting materials will be available for download at . . . on April 14, 2025. The materials will include the following: |
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Matters requiring a vote |
| Please note that there is no new business to discuss. The only matter requiring a vote of the members in attendance is approval of the 2024 Annual Meeting minutes. |
Credit Union 2025 list of candidates nominated
| Board of Directors – Four (4) positions to be filled by acclamation of the Board of Directors as provided in the Bylaws: |
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Upon sending in my interest in attending, I received this response:
Thank you for your interest in the 2025 Annual Meeting. We have received your request for registration and will be sending out a confirmation with the meeting access information prior to the meeting on April 25, 2025.
Democracy In Practice ?
The required annual meeting and election of board members is the single most important element of member-owner governance. In many credit unions today converting the meeting into an administrative formality with no actual member involvement is par for the course.
Let’s be clear. This is not democracy in any sense of the word. Instead of seeking member participation and celebrating the cooperative model, it is an exercise in perpetuating power, or the using current term oligarchy.
While I assume these volunteers are experienced and committed, they are missing the most critical element of leadership: acknowledging their accountability to the member-owners. That is the foundation of trust that undergirds every financial institution.
According to NCUA data, between 95% to 97% of all credit unions are rated camel codes 1 and 2. This is not about financial oversight, but rather responding to the needs of members and communities with presence and engagement.
The future of credit unions may depend on members seeing their involvement as something more than a customer. To achieve that, they must be respected as owners.
Right now our votes do not count because there is no voting. Credit unions lacking this member participation are missing their most important advantage versus all other options.
Should Credit Unions Worry About US Tariff Policy?
As domestic financial service providers with little or no imports or exports, should credit unions be concerned about Trump’s tariff policy? Will it have any impact on their members and communities?
I believe the answer to both questions is yes. In almost universal critiques, the approach is lacking any economic sense.
From the Center for Strategic and International Studies (CSIS) on April 8, 2026, Trump Scores Own Goal:
In the trade world, early indications are that Trump has just committed one of the greatest own goals in history, and, what’s more, it was deliberate. The immediate market reaction was sharply negative, but it will take time to determine how bad things will be.
And here’s why:
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The consensus is that the current approach will damage the economy, raise prices and slow growth. Not to mention increase US isolation in the existing global world of trade and alliances.
Implications for credit unions
- Indentify members and firms in your community most at risk.
- Develop prgrams to help them navigate the economic uncertainties. This usually means extending lines of credit.
- Enhance core market opportunities. Avoid undertaking new risk as members who face growing uncertainty will seek the security of established and trusted relationships.
Your thoughts?