Lamentations and Aspirations

Contemplation during Tenebrae

How does one retain hope in the face of seemingly contrary system ambitions, apathy for engagement beyond immediate responsibilities, and the all-consuming worship of credit union institutional success? Where is purpose in a time of national agendas dominated by topics such as cannabis legislation, CECL accounting, cybersecurity and secondary capital? How do member circumstances become a priority that supersedes traditional product messaging?

It seems the unceasing focus on credit unions’ performance constantly overwhelms the uplifting of member hopes.

How can cooperative leaders better balance competitive requirements and corporate vision? The resolution may line in a brief phrase from Leonard Cohen, the poet and composer, who wrote:

Ring the bells that still can ring
Forget your perfect offering
There is a crack, a crack in everything
That’s how the light gets in.

Credit Unions in Good Company on Tax Day

Today is tax filing time for consumers and most corporations. State chartered credit unions file Form 990 as a non-profit, exempt from Federal taxes by an IRS ruling.

What do credit unions have in common with the following US corporations? Amazon, IBM, Chevron, Eli Lilly Deere, etc. These companies paid no federal income tax in 2018. These are among sixty large, profitable US corporations on a list compiled by The Center for Public Integrity, which paid no federal income tax. In fact, the group collectively received tax benefits amounting to $4.3 billion that is a negative tax rate!

So, is “good company” a sufficient explanation for the credit union tax exemption? Or should it be good purpose?