The Call of Duty–Veterans Day 2025

From John McCain:  Glory is the act of being constant to something greater than yourself.

A young person explains his decision to attend the US Naval Academy. This recent video, sent to his high school college counselors, was forwarded to family friends by proud grandparents.

His grandfather attended college on an ROTC scholarship. He became an Army ranger during Vietnam.  Afterwards he was a reporter for the Chicago Tribune and closed his many career endeavors as  a college political science professor.  A life of service beginning with the call of duty.

Ralph Waldo Emerson stated, The apple does not fall far from the tree. When values liked these are handed down, America’s future  is in good hands.

(https://youtube.com/shorts/ENDGNI_HxpI?feature=share)

 

Two Seasonal Reflections-Political and Natural

Will Rogers:  There is no credit to being a comedian when you have the whole government working for you.

The Maple Leaf-A Metaphor for Life

by Rondalyn Whitney

I hope my death is like a maple leaf,
a final, radiant show.
Not a storm of sudden, brutal grief,
but a gentle, amber glow.

To fade as autumn comes to call,
to loosen its grip with grace.
Not cling to the branch, but simply fall,
and find a new resting place.

A flash of crimson, orange, and gold,
a final, vibrant hue.
Then, a slow drift, stories untold,
a journey forever new.

To spin and twirl on the final breeze,
a dance upon the air.
Rustle softly through the autumn trees,
a beauty beyond compare.

And when it lands, a soft, hushed sound,
upon the forest floor.
A new beauty on the cold ground,
until it’s seen no more.

 

A Departing CEO’s Lament

Starting an odyssey to change cooperatives.  Before you read this CEO’s statement from LinkedIn, consider a brief thought from Emily Dickinson, By a Departing Light:

By a departing light
We see acuter, quite,
Than by a wick that stays.
There’s something in the flight
That clarifies the sight
And decks the rays.

A Course Change By a Credit Union CEO

 I have always been a bit of a square peg struggling to go into a round hole. I have always pushed against the grain regardless of my role. Sometimes that has been appreciated. Other times, it has been criticized.

I have debated for years how I can best serve this wonderful industry. In a space that is riddled with hypocrisy and attrition, I have concluded that I am of more value outside the bubble than inside.

I’m not only stepping down as a CEO. I’m stepping away from working inside credit unions altogether.

There is never a good time. There are always what ifs. Unfinished work.

December 18th is my 25th anniversary in the credit union industry.

In my 25 years, we have lost more than 50% of our neighborhood or community credit unions across the country.

So what are my motives? Family. Opportunity. Change. Fit.

Change. Something has to change.

I could sit in a credit union trying desperately to conform to my round hole. To complacency. To status quo. To fit.

Or…

I can dedicate myself to change. Change to challenge complacency. Change to disrupt the status quo.

I’m betting on myself. For my family. For opportunities. But also for a chance to make an indelible change to our industry.

If we want future generations to know credit unions, we must be about the work of saving them.

If I am fortunate, I have 25 years left in my career. During that time, my priorities will be God, Family, Career. In that order.

The second half of my career will be focused on finding as many ways as possible to help our credit unions win. Creative Strategy. Next Level Results.

I won’t stand by idly watching credit unions get regulated out of existence or go quietly into the night.

So this is not a goodbye. This is a hello.

I am not leaving the fight. I’m just getting started.

November 14th. I close one door so that I can run through another.

See you then.

(James McBride, CEO, Connects Federal Credit Union)

 

Halloween Memories

Getting ready for flight or fright.

An Origin Story

Halloween has Scots’ origins. It was popularized in the 18th century by Scotland’s national poet Robert Burns in his 1785 poem, “Halloween.” The poem, which describes the gathering of locals on All-Hallows Eve to present crops, enjoy a feast, tell fortunes revealing one’s true love, trick-or-treat and frolic with the opposite sex, became a source catalog documenting folk customs celebrating All Hallows Eve, All Saints Day and All Souls Day. The three days are collectively known as Allhallowtide, that portion of the church year “dedicated to remembering the dead, including saints (“hallows”), martyrs, and all the departed.  (Source:  The Jefferson Educational Society, Book Notes # 78)

Autumn Movement

By Carl Sandburg

I cried over beautiful things knowing no beautiful thing lasts.

The field of cornflower yellow is a scarf at the neck of the copper

sunburned woman, the mother of the year, the taker of seeds.

The northwest wind comes and the yellow is torn full of holes,

new beautiful things come in the first spit of snow on the northwest wind,

and old thing go, not one lasts.

A Musical Tribute from the ’60’s

Halloween “music” from the American Bandstand TV show October 1964, The Monster Mash:  Show your grandkids music from another era.

(https://www.youtube.com/watch?v=vNuVifA7DSU)

 

 

 

 

Americans Celebrate their Democarcy

Seeing and participating publicly  in community creates hope, especially around shared values.

Common purpose was on full display this past weekend. Nationwide people  exercised their rights of self-expression and assembly supporting democracy.

These principles  are also the foundation for cooperative credit unions.  The movement claims over 100 million members and democratic governance.  Are these assertions still true?  Would members show their support as in these weekend scenes from the DC area?

The Young

And old

Not his first rodeo

Humor

And costumes

No sign, just noise

Brevity

Fpr all Americans

Real conerns

A candidate for 2028 whose appeal is truth

A democratic harvest festival for fall.

How does your credit union celebrate its democratic foundation?

Clarifying Words

We live in a era of competing viewpoints and rhetorical advocacy.

Often logic, reason and especially facts are missing in the fire of verbal combat  or when issuing public relations statements supporting a position.

The more consequential the decision or a person’s position, the more elaborate the verbal bouquets.  These communications are not meant to persuade. Rather they entertain, advocate, sometimes threaten while shimmying past critical issues.

Examples this week include the speeches by the President and Secretary of War to hundreds of senior military  commanding officers, policy utterances by single NCUA board member Hauptman, or the rhetorical display announcing NCUA’s approval of the DCU merger with First Tech.

When Words Matter Most

So it was enlightening to read  someone  explaining at length what is at stake in our often charged and sometimes flippant public dialogues.  Here is an example:

In Boston yesterday Judge William G. Young answered an anonymous correspondent who trolled the judge on June 19 by writing a postcard that said: “TRUMP HAS PARDONS AND TANKS…. WHAT DO YOU HAVE?” Young reproduced the writing at the top of his decision finding that Trump’s attempted deportations of legal residents for their pro-Palestinian speech violated the First Amendment.

Then the judge answered: “Dear Mr. or Ms. Anonymous, Alone, I have nothing but my sense of duty. Together, We the People of the United States—you and me—have our magnificent Constitution.”

 “The United States is a great nation, not because any of us say so. It is great because we still practice our frontier tradition of selflessness for the good of us all. Strangers go out of their way to help strangers when they see a need. In times of fire, flood, and national disaster, everyone pitches in to help people we’ve never met and first responders selflessly risk their lives for others. Hundreds of firefighters rushed into the Twin Towers on 9/11 without hesitation desperate to find and save survivors. That’s who we are.

“And on distant battlefields our military ‘fought and died for the men [they] marched among.’ Each day, I recognize (to paraphrase Lincoln again) that the brave men and women, living and dead, who have struggled in our Nation’s service have hallowed our Constitutional freedom far above my (or anyone’s) poor power to add or detract. The only Constitutional rights upon which we can depend are those we extend to the weakest and most reviled among us.”

 “I fear President Trump believes the American people are so divided that today they will not stand up, fight for, and defend our most precious constitutional values so long as they are lulled into thinking their own personal interests are not affected.

“Is he correct?”

 

 

A Morning Reflection

Hardin and Weaver were the dominant morning radio co-hosts for the  going-to=work drive in DC in the 1980’s.   Right before the 7:00 AM news update, they would finish their broadcast hour with a morning hymn.  A moment of grace before world events, sports weather and traffic briefs.

I was reminded of their disruption of secular events by an observation from academic Ti,pthy Snyder during his current trip to Ukraine.  In a front line town, he describes moments of incredible kindness by residents living under never ending threats of drone attacks.  He writes:

Always be kind.

Does kindness seem like a naive message during a war of extermination? Not to me. I admire friendly parents and kind children in the best of times, and I will admire them in the worst of times.

To defend you have to have something to defend. It will always be out of reach, but it matters whether or not you are reaching, or teaching others to reach.

The following anthem, Until Love is Spoken,  was written in 2022 during Covid.  But the words are appropirate for today’s’fraught circumstances. In this interview  the composer Karen Marolli  relates her musical background.

(https://www.youtube.com/watch?v=OZq7gLsRfrg&t=216s)

The words  call for community engagement and hope.  One verse is:

And when our path of justice leads us to the dreadful fight,

Grant us vigor and entrust us with the power to do what is right, 

Grant us courage to be kind,

Grant us singleness of mind to free the world from hate and fear,

So only love is spoken here.

While not overtly religous language, it celebrates the power of purpose for a cause. Or, what matters is that your are reaching or teaching others to reach. 

 

 

Two Forms of Competition Always Present

Two classic strategies for creating competitive advantage are a superior employee centered service culture. The second is to embrace  innovation.

Following are two updates in both areas.

Minimum Wage in Banking Now Hits $25 per Hour

Bank of America will increase its minimum wage to $25 an hour next month, the final step in a long-term goal the company set several years ago. The move bumps pay up from $24, a level put in place last October, the company said Tuesday.

It translates to a full-time annualized salary of more than $50,000 and applies to all full-time and part-time hourly positions in the US. The change continues a series of hikes lifting the firm’s base pay from $15 in 2017.  Source:  Marketplace and (link)

Digital Assets and Innovation

I am a novice in understanding the world of digital assets from Bitcoin to all the stable coin options now being evaluated and offered by financial firms.

Whether used as a store of value or investment, payments between parties or for operating outside the regulated financial services sector, I have not been able to identify a compelling value proposition.

The hype and people rushing to get into this new form for financial service have only accelerated since the Genius Act passed by Congress last month.

Here is a summary of some activity and loopholes by analyst Aaron Klien from Brookings in the article: Interest by any other name should be regulated as sweetly (September 10, 2025)

Cryptocurrency is an asset masquerading as a payment instrument. Congress did not see through this illusion and created a dangerous loophole in the newly passed stablecoin law, the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or “GENIUS Act”.  

The law is premised around a simple trade-off: Stablecoins are exempt from bank-like regulation and in exchange are prohibited offering interest on their coins. The law’s ink is not dry and crypto firms have already found a loophole, calling interest “rewards.” If we don’t close this loophole, it could cause massive problems resulting in losses by retail crypto holders, a bailout of big crypto, or a financial crisis.

Bitcoin started with dreams of being a global currency but has become an asset and, for many, a profitable investment (so far). One reason bitcoin works so poorly for payments is its swings in value. Enter stablecoins, usually pegged to the dollar, eliminating this problem. Yet, stablecoins are primarily used for buying and selling other crypto, not for ordinary transactions. While about one in seven Americans report owning crypto, only one in 50 Americans used any form of crypto, including stablecoins, to buy anything other than crypto in 2022.

So, if stablecoins aren’t used for payments, why do people own them?  For many, it’s the same reason they keep money in banks: earning interest. The new law prohibits interest, but what if someone called interest a different name? Would it pay as well?

Coinbase, the largest American crypto exchange, proudly markets 4.1% “rewards” for holding USDC, the largest American issued stablecoin. Crypto.com offers variable rewards based on market conditions, while highlighting its latest partnership with Trump Media Group on their crypto. Its competitor Kraken offers even higher: 5.5% rewards. Notice Kraken marketing an annual percent yield (APY) notation to look like interest. That’s what this is.

Technically, the new law only prevents stablecoin issuers like Circle, which issues USDC, from offering interest. Coinbase, Crypto.com, and Kraken do not issue these coins, they just hold their customers’ coins. Imagine if E-trade or Merrill Lynch offered customers money for letting them “hold” their stocks, and you’ll see the parallel.

The economics of this loophole are problematic. Crypto exchanges generate profit to pay “rewards” to people who deposit crypto through a combination of payments from the stablecoin holders and potentially using depositors’ funds to make their own investments. The larger the rewards customers are being paid, the riskier the investments generating that money. Banks do this with your deposits, but with tight limitations, constant oversight, and federal deposit insurance that fully covers 99% of depositors. Crypto exchanges have none of these guardrails, as FTX demonstrated when it took customer assets to speculate and collapsed. . .

Credit Unions Invest in Crypto

Klein’s analysis continues for another ten paragraphs.  What makes his concerns relevant for credit unions, is that there are numerous crypto related firms and credit unions now investing in stable coin services,  The primary goal is giving members access to the purchase and holding of digital assets.

Yesterday CU DAILY reported “Stablecore, a platform that enables community and regional banks and credit unions to offer stablecoins, tokenized deposits and digital asset products, said it has raised $20 million in funding, including from a credit union-backed fund.”  (link)

Stablecore’s purpose is to  serve as a “digital asset core,” unifying the critical components of digital asset offerings into a single platform.  The credit union  CUSO making the investment was Curql.

Both these announcements may challenge credit unions who are uncertain about their core values and competitive advantage.  So before you reach out to match competitors thrusts, remember success comes not from playing the game you find, but from defining the game you want to play.