The collapse of leadership
Credit unions ARE different than banks, and they’re sure as heck different than Wells Fargo. It’s true that any financial institution could get caught missing a disclosure or committing some other compliance oversight, but what I’m referring to here are big-picture differences – systemic differences. A collapse of leadership.
Wells Fargo’s fraudulent creation of 2 million “ghost” accounts wasn’t a scheme involving two people or even two dozen people – but 5,300 people. I’ll note that last part again: 5,300 people. For something of this magnitude to occur over a period of years, there was a clear focus on profit over people and a complete lack of respect for customers. This is the leadership collapse I’m referring to.continue reading »