Black Swan? Look In The Mirror!
by Jim Blaine
Well, I had lined up several more mortgage pieces for this week, but the comments from yesterday –particularly Doug Ferraro’s – give me pause. Hope you will go back to the 4/22/2013 blog and take a look at those comments.
First, Doug is one of the “best minds”(‘course that may not be saying much!) in the credit union movement and is the CEO (pretty young one at that, for all you “Gen-Whatevers”!) over at Bellco CU in Colorado. Doug, in his comment, goes through a litany of “it wasn’t us”, “we’re being unjustly penalized” and over regulated for sins we did not commit leading up to the 2008 Crash . CU’s did not yield to the irrational, anti-consumer, mean-spirited predatory lending thievery prior to 2008, yet.
The penalties of excessive regulation being imposed on us are going to “kill off” most, if not all, of the credit union movement. Why? Because our small size and non-traditional, “one-on-one”, direct, personal, service and concern does not meet the traditional, Dodd-Frank, CFPB, NCUA “knows-it-all-but-understands-nothing”, “we look foolish and inadequate, but admit no responsibility” punitive regulatory “Hail Marys” being implemented. (Ran out of adjectives, but guess you get the point…)
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