A $35 Million Example of an “Emperor with No Clothes”
A $35 million commitment as part of a merger reminds one of the often quoted parable from the Emperor with No Clothes. In this case a member spoke up. Will the “crowd” now wake up?
Chip Filson
A $35 million commitment as part of a merger reminds one of the often quoted parable from the Emperor with No Clothes. In this case a member spoke up. Will the “crowd” now wake up?
Part III Previous parts I and II have provided a factual review how FCCU’s CEO and board chair diverted $12 million to their control via a new organization when merging the credit union. While this example is discouraging, it is symptomatic of a much broader challenge for credit unions. A Game Without Rules The …
Continue reading “Credit Union Mergers: A Game without Rules”
A lesson from January 6th events for credit unions and the NCUA.
NCUA leaders frequently talk about risks. Some perennial, some new and some to come. But what if the greatest risk of all is NCUA’s failure to effectively do its #1 job?
Chairman Harper has proposed a regulation-heavy agenda as his priority. Unfortunately it fails to address the real challenge facing credit unions being uprooted by the leaders meant to sustain them.