By Brian Waldron

Todd Harper’s interview last week with Brookings and his subsequent post is disingenuous to the credit union movement. 

Brookings provided the former chairman of the NCUA with a platform where he could have helped tell the story of the credit union difference.  He could have shared how credit unions provide financial services to members of all demographics.  Mr. Harper could have helped share why our tax status should be preserved.  

Instead, he attacked the industry he claims to advocate for and love. Throughout the interview, Mr. Harper chose to indicate his support for over-regulation. For example, he decided to voice his negative opinions on overdraft protection. Still, he forgot to mention that credit union overdraft programs are “opt-in” and, in many cases, help assist members in paying their rent on time to avoid costly late fees, embarrassment, or other penalties.  

Failed to Mention

In the next segment, he chastised credit unions, telling the industry we need to get back to lending at lower rates, helping those less fortunate and with lower credit scores, and to providing higher rates on deposits. All this while failing to mention that the NCUA field examiners he oversaw at the agency would criticize credit unions for doing this. 

During our annual exam, I was repeatedly told that Dort Financial CU’s delinquency was too high and that our lending practices provided too many “risky” loans to borrowers. They did this while criticizing my rates on deposits doe being too high.  My argument that the DQ and charge-off ratios were in line or only slightly above peer fell on deaf ears. I have spoken with credit union CEOs and executives across the country, and I am not alone in my frustration, further proving that his “people helping people” philosophy during the interview was disingenuous.

What Could Have Been Discussed

The former chair could have discussed how taxation fundamentally changes or eliminates our industry. Instead, he allowed the interviewer to attack the expansion of Michigan credit unions into Florida. Mr. Harper sat silently.  Did he mention that many of these transactions occurred while he was chair?  No.  He failed to note that in six months of expanding (post-conversion) into Florida, Dort Financial has increased membership in areas designated as low-income by over 6%, truly proving that we are committed to “people helping people.” 

He could have informed the viewers that most CUs acquiring banks are designated as low-income, and there is no further risk to the Community Reinvestment Act. He could have shared that employees are typically let go in a bank-to-bank purchase, and branches are closed, creating banking deserts. At Dort Financial, we retained all employees and added staff and continue to look for opportunities to expand our services rather than close branches.

Mr. Harper could have shared that the CU usually offers additional products and services.  

He could have talked about the money we give back to the communities we serve or the time our employees volunteer. At Dort Financial, our team donated more than 2,300 hours of personal time volunteering in the community in 2024. But he did not.  

About Naming Rights Deals 

Mr. Harper chose to attack the naming rights of university and professional stadiums. He failed to mention that with said partnerships, credit unions are providing financial literacy to athletes and students, many of whom are first-generation college students.  

Flagler Credit Union, a division of Dort Financial, recently announced a naming rights relationship, and in addition to football stadium naming rights, the relationship includes an extensive multimedia arrangement with Florida Atlantic University Athletics for all varsity programs. Flagler Credit Union will also participate in student and alumni engagement opportunities and have marketing activations with the university’s athletics department to be involved with their Life After Athletics program, the Career Center’s career development, and the university’s Business Mentoring program.  

The partnership underscores the credit union’s commitment to supporting our community.  This stadium is more than just a venue — it’s a place where memories are made, where athletes, alumni, and fans come together to celebrate teamwork, dedication, and excellence.

The Bottom Line

The bottom line is that Mr. Harper could have told these stories and many others similar from credit unions nationwide, but he didn’t. Instead, Mr. Harper attacked the industry where he is fighting to be reinstated as an NCUA board member.

Brian Waldron is CEO of Dort Financial Credit Union in Grand Blanc, Mich.