New legislation for Credit Unions

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NoRegretsCoyote

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Interesting story today on new legislation for CUs:



Some changes coming to allow them to collaborate, but nothing major I think:

I don't see anything there that will help CUs with structural problems of too many deposits and too few lending opportunities.
 
Well the common bond restriction was really never adhered to in the few I have knowledge of.

Consolidation between CUs has been happening for years and that hasn't really improved things.

From experience I can't see two credit unions coming up with acceptable that would allow them to co-fund community based projects. The idea is fine but the local politics and parochial nit picking would be difficult to overcome.

The CUs are a fantastic financial movement and should be developed further but that development needs the buy in of all stakeholders.
 
Paul O Mahoney said:
The CUs are a fantastic financial movement and should be developed further but that development needs the buy in of all stakeholders.
Click to expand...
In broad terms what does that mean in practice?
The CU was a fantastic resource in my parent's days when they were getting the loan to purchase their home from the Corpo and using the CU for larger purchases thereafter when they probably couldn't get a loan elsewhere.
But now that they're swamped in cash (that could presumably be freed up an and used for much more productive purposes) and are somewhere between vague and misleading in how loans and other products are priced for members, I'm not sure that they're still a fantastic resource.
Unless I'm missing something?
 
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