CORPUS CHRISTI, Texas–Readers of the CU Daily aren’t holding back! In another sign of how The CU Daily has become the number-one source of news in credit unions, reader feedback to its reporting remains vigorous and ongoing, including what you’ll find below.
Here is just some of what readers have had to say in response to reporting in the CU Daily, with the comments having been posted on the site. The CU Daily encourages your feedback and comments at any time, both to our reporting and to our vibrant opinions section.
The reader comments to CU Daily reporting include:
The Story
WASHINGTON–In follow up to a Q&A with one of the best-known analysts in credit unions, Bill Handel, chief economist and general manager with Raddon, a Fiserv company, touched on numerous topics and issues:
The Feedback
An Advantage That May ‘Naturally Fade’
“Interesting perspective. Not sure I agree about price being credit unions competitive advantage. It seems more nuanced than that. We continue to see studies and surveys that show members choose credit unions for trust, service, personal relationships and community connection. Price is still important, but not usually the top driver.
All of those factors, including price, are a byproduct of cooperative structure rather than scale alone. When institutions are member owned and locally governed, the incentives around pricing naturally look different. As credit unions cooperative nature continues to weaken, that advantage may naturally fade.”
CEO of $4.3B SAFE CU Says Proposed Merger With $29B BECU is Not an ‘Efficiency Play’
The Story
SACRAMENTO, Calif.–In response to an interview with Faye Nabhani, the CEO of the $4.3-billion SAFE Credit Union in California that is asking its members to vote in favor of a merger in the $29-billion BECU, readers said:
The Feedback
‘Not An Economic Inevitability’
“The pressures they describe are real. But the assumption that those pressures must be solved through institutional consolidation rather than cooperative infrastructure is not an economic inevitability, it’s a system design choice. I imagine it sounds compelling coming from an economist who works at CUCollaborate and used to work for America’s Credit Unions but this person is not speaking from the lens of a cooperative economist and that difference matters.”
‘This is Their Only Play’
“Great perspective. Totally about scale and efficiency, especially when the acquirer can’t grow deposits and assets but expenses are growing rapidly. They’re effectively descaling and this is their only play.”
‘The Odd Part and the Pretending’
“Saying this merger “isn’t about efficiency” while listing scale, technology investment, and diversification as the benefits is a bit like revving up a chainsaw and insisting you’re not here to cut down the tree.
“That’s literally what the tool is for.
“Mergers consolidate assets. They centralize decision-making. They create economies of scale that help institutions afford technology, regulatory compliance, and growth. None of that is controversial. It’s the standard playbook. The odd part is pretending it isn’t.
“If the case for the merger is strong, it shouldn’t require this much PR choreography to explain it. Yet every explanation seems to circle the same talking points without plainly stating the tradeoff: a larger institution, more scale, and more centralized power.
“SAFE members would be wise to look beyond the PR spin and ask a simple question: if this isn’t about efficiency and scale, why do all the benefits described come directly from exactly that?”
One Big Bite
“A $29B credit union does not merge with a $4.3B CU; it eats it whole, one swallow.”
Need to ‘Do Their Homework’
“Good insight, and notably not the type of information that is required in disclosures that are part of the NCUA merger approval process. Hopefully SAFE members who will vote to approve or deny this merger will do their homework.”
Erosion of Cooperative Model
“BECU’s cooperative perspective began to erode when members of its executive leadership team were brought in from problematic banking institutions like USAA and Wells Fargo. At the same time, employees who questioned whether certain decisions aligned with the cooperative movement and credit union philosophy were targeted and pushed out. Over that time, that cooperative lens has largely disappeared. As a result, many of the ‘values-driven’ PR statements coming from leadership are more performative than principled. The organization has also made it difficult to openly discuss that shift, as many employees who were laid off, pushed out, or fired are required to sign NDAs.”
GAC Coverage: What CEOs of 6 of the Largest CUs Say They’re Doing to be Advocates, Stay Relevant
The Story
WASHINGTON–Representatives from six of the largest credit unions in the country shared with America’s Credit Unions GAC some of the ways they say they are working to remain relevant into the future.
The Feedback
What ‘No Joy Work’ Really Means
“Describing employees’ daily responsibilities as “no joy work” says more about leadership culture than it does about the work itself. At most credit unions, that so-called “no joy work” is exactly where meaningful service happens. It is where members get helped, problems get solved, and relationships are built.
“The comment becomes even harder to take seriously when the same organization has pushed out or laid off experienced employees who hold the institutional knowledge needed to serve members well, while increasing reliance on vendors and outside partners.
“Replacing expertise with contracts is not innovation. It is a management choice. AI improving productivity is not a new idea. But framing the work employees do for members as undesirable while outsourcing more of the organization’s capability raises a fair question about priorities.
“Credit unions were built on people serving people. If the work of serving members is now considered “no joy,” that says a lot about how leadership views the mission.”
Member Takes to Local Media to Question Who Owns the Equity in Merger of BECU, SAFE CU
The Story: SACRAMENTO–A member of SAFE Credit Union here has gone public with an issue that has gotten some attention inside credit unions—primarily from the CU Daily—who owns the equity in a credit union when it merges?
The Feedback
The Right Questions to be Asking
“Louder for the people in the back.
“These are the right questions for members to be asking. Mergers should exist to strengthen member value, not simply to increase size or consolidate assets. Growth alone is not a strategy. Member benefit should be the standard. When expansion becomes the primary objective, it is fair for members to ask who truly benefits and how that benefit shows up in rates, service, access, and long-term value.
“Credit unions were built on stewardship and trust. Boards and executive teams carry a responsibility to demonstrate clearly how a merger advances the mission, not just the balance sheet.
“Members deserve transparency. And they deserve to vote with full understanding of the impact.”
The Credit Union ‘Movement’ is a Mirror of America
The Story
Ed Speed authored an opinion piece that lamented how similar what is taking place in America can also be seen in credit unions.
The Feedback
‘Not in Vain’
“Your piece reads like a lament, and I understand why. But I’d offer this- our obligation isn’t to declare the movement deserving or undeserving, it’s to be faithful stewards of the purpose we inherited.
The founders planted anyway. Not because the world was ready, but because the need was real. I still believe that kind of planting is not in vain.”
A Thirst for Values
“I believe this conversation is so very important and vital, that it must continue. Who among us believes the same? If we fail to constantly examine and evaluate our thinking, our beliefs, and our behavior, how do we expect to grow and evolve as a cooperative movement? Or have we become complacent, willing to accept current standards, willing to accept a dire plight imposed on our small shops. I refuse to accept that course knowing there are many DEs in the system who thirst for the values and principles embedded in our cooperative business model.”
The Story
KENNEWICK, Wash.–In a comment letter on NCUA’s proposed merger rule, the group Endangered Small Credit Union Defense (ESCUD) has expressed its opposition to the elimination of the member-to-member (MTM) comment posting requirement.
The Feedback
Why Would NCUA Take Away Rights?
“Great perspective from Doug Wadsworth. We say credit unions are “member-owned”. If they are, why would NCUA take these rights away?”
Despite Some Pushback in Social Media, Members of WA’s CALCOE FCU OK Merger into Idaho Central
The Story
YAKIMA, Wash.—While there was some pushback voiced in social media, members of $43.5–million CALCOE Federal Credit Union here have voted in favor of merging into the $14.75-billion Idaho Central Credit Union. The deal includes a payout to CFCU’s CEO.
The Feedback
‘Gobbled Up by the Giants’
“Another profitable and well run small credit union gobbled up by a giant that will create hardships on all other truly local credit unions and their members in the area. What common bond does Idaho Central have in Central Washington. What new services will they be bringing to the area? Credit unions were started to help the underserved; Yakima was already served by several local credit unions. These large predatory credit unions are going to ruin it for all credit unions!!”
Senate Bill Would Claw Back Compensation from Execs at Banks That Fail
The Story
WASHINGTON — A bipartisan group of U.S. senators has introduced legislation that would allow regulators to claw back compensation from executives at banks that fail, an effort supporters say would strengthen accountability in the financial system.
The Feedback
Should Have Happened Earlier
“GOOD! This should have happened in the 2008 crash; nobody even went to jail.”
