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Articles by Chip Filson
Are Actions of Directors Selected in Violation of the Credit Union’s Bylaws Legal?
The following article is from a comment posted by SAFE member Scott Rose about the proposed SAFE merger with Boeing Employees Credit Union. All merger comments are posted at this NCUA link https://www.regulations.gov/docket/NCUA-2026-1552/comments. Credit union members and the public are often unaware of these merger responses.
Thinking About the Proposed SAFE-Boeing Employees Credit Union Merger
How can 235,000 members easily understand how to decide whether to transfer all their $4.5 billion of financial resources and all future decisions over to another organization? One not chosen by them whose leaders have no local connections, knowledge, experience or understanding of their market and special legacy. Is there a simple way to describe what is at stake? I believe there is.
A Shared Family Experience
How to help newborns find rest and fall asleep. . Nightingale When our daughter was a baby, she’d sometimes cry and cry, raw-throated nightingale heavy on evening’s shoulders, no solace in the rocking lullaby, warm milk, blue velvet blanket, nor in the whispered words, the quiet shush we’d loose while pacing back and forth across the wooden floors.
Former Sacramento Golden 1 CEO Questions SAFE’s Plan to Merge
Local Focus and Control Are at Stake by Stan Hollen I question the need for the proposed SAFE CU merger with Boeing Employees Credit Union (Tukwila, WA). If SAFE merged with another California credit union and members gained access to more branches it would make sense. The SAFE executives would not make their huge payouts, but the members would greatly benefit. Imagine, for example, the advantage to merging with Golden 1 Credit Union. Local focus and control would be retained.
9/11 at 25: The Past Is Always With Us
By E.C. Harrison Credit unions were feeling out the uncertainty of financial markets on Tuesday morning, Sept. 11, 2001. The dot-com bubble had burst. Layoff announcements followed a steady drumbeat. Many suspected the economy was in a recession.
Why We Remember 9/11 – 25 Years Later
Tomorrow is the 25th anniversary of the tragic events of Sept. 11, 2001. We recall because the past is always with us – or as novelist William Falkner said 75 years ago – “The past is never dead. It’s not even past.” The impact of 9/11 marked all Americans and the credit union community. Tomorrow veteran CreditUnions.com writer Cal Harrison will share cyrrent conversations and archive excerpts from Callahan’s website about our industry’s response to the 9/11 attacks.
Recalling Events of 9/11 Twenty-five Years Ago
Excerpts from a post-event post written in 2001. The first of three posts thiw week about events a quarter of a century ago. What’s different after September 11? T By Chip Filson, President, Callahan & Associates, Inc. A credit union leader as well as a veteran of three US wars (WesCprp’s DIck Johnson) called to provide his thoughts. He said credit unions are faced with some exceptional challenges: 0% car financing, very low investment yields, heavy cash inflows. What should they do?
SAFE Members Are over $41 Millions Better Off with their Own Credit Union versus Boeing Employees’ Credit Union
And that amount is just the start. SAFE’s purposed merger rationale with BECU has been full of a lot of generalities and PR hype, but few objective facts. The one fact that SAFE member owners should be told is that they have a real factual $41 million better financial value than BECU offers its own members. Let’s look at what each credit union’s members pay on loans and receive on savings.
Longtime CEO Asks a Question on SAFE’s Proposed Merger
Note about the author: After earning his MBA from UCLA John spent 20+ years in the for-profit world. He says the biggest challenge of leaving corporate roles for credit unions was the realization that loans were assets, and savings a liability. He was CEO of American Airlines FCU for 17 years. He then guided a troubled credit union to stability for three years, followed by a decade of consulting and speaking about leadership and strategy.
Credit Union Cannabalism Continues With Big Meal-Money to Executives
After over a year of behind the scenes planning and dividing the spoils, the SAFE-Boeing Employees Credit union takeover plan is now officially public. Below is the link to the just posted Member Notice. Following is one analyst’s initial reaction to this free transfer and total future control of over $4.6 billion and $450million of member equity owned by the 245,000 residents of California’s capital city.
A Verteran’s Smile on Ukraine’s 35th Independence Day
Joan and I attended yesterday’s flag day services at nearby St. Andrew Ukrainian Orthodox Cathedral. The service and following community luncheon preceded the country’s Independence Day celebration today. A lunch was shared for the entire community. Here is a picture of several persons at our table. The double arm amputee who also has one leg was wounded in 2023. His name is Alexander. He is 46 and joined the Ukrainian military in 2019. His wife to his right has her hand on his knee.
Human Courage -A Potential We All Possess
Courage takes many forms in life. Sometimes it is emergency responders running toward disaster to provide help. Think of the New York fireman who climbed the stairs of the World Trade Center knowing full well the dangers. Emotional courage can be as simple as the ability to say “I’m sorry” when your words hurt another person, often in private. In a public contexts it is someone raising their voice to object. by openly standing against the current powers that be.
Large Bills Coming Due for Credit Unions
This article was originally published on ChipFilson.com.
Life’s Ritual as we Grow Old Together
If you haven’t yet shared this older generation’s experience, it is a wonderful moment to see.
When Leaders Lack Confidence in their Organization
Note: This reprint of this July 2021 post is to recall as new leadership arrives at NCUA’s bpard to evaluate priorities and course corrections. (cwf) What would you think if you learned that Warren Buffet was shorting Berkshire stock? Or Elon Musk prefers driving a Lexus? Or Jeff Bezos doesn’t want to test fly his Blue Origin Space capsule? None of these situations is true. And because the opposite is the case, observers’ trust in these leaders and their organizations is sustained.
LAW LESS NESS & Free Markets
A longstanding virtue hailed by leaders in both the private and public sectors, is the power of the free market to adjudicate fair outcomes, especially but not exclusively for economic results. It is invoked by those in regulatory positions who are charged with protecting the interests of consumers, shareholders or even employees subject to the power of large organizations. The new NCUA chair has referred to the free market as a mechanism for the evolution of the credit union system.
A Change at the Top of the Movement
This article was originally published on ChipFilson.com. There are a half dozen leadership roles in credit unions that have major implications for the entire movement. Among these are the leaders of several trade associations, a significant CUSO or two, TruStage ( formerly CUNA Mutual), a couple of large credit unions that exercised public roles, and, of course, the NCUA Chairman. The CEO position in any of these 6-10 positions does not confer leadership.
Large Bills Coming Due for Credit Unions
The headlines scream about the new reality in NCUA’s regulatory failures. NCUA Call Report Reveals Stunning $103 million Loass at Jackson Area FCU (CU Today August 3) The first paragraph says it all: New NCUA Call report data shows Jackson Areas Federal Credit union has deteriorated financially showing the agency discovery of an alleged $95 mill fraud scheme, with the credit union reporting negative net worth of the $88.5 million and a negative net worth ratio of 125.5% as of June 30. . .
A Credit Union’s Obligations to Members with TPS Status
Temporary Protection Status is an option under US immigration law to admit migrants who face life and death threats in their home country. President Trump won a Supreme Court decsion saying he could reverse such status under his executive authority. Trump immediately used the ruling to revoke this legal status for hundred of thousands of Haitian and Syrian families living and working in the US legally. The order went in effect approximately ten days ago.
A Change at the Top of the Movement
There are a half dozen leadership roles in credit unions that have major implications for the entire movement. Among these are the leaders of several trade associations, a significant CUSO or two, TruStage ( formerly CUNA Mutual), a couple of large credit unions who exercised public roles, and of course the NCUA Chairman. The CEO position in any of these 6-10 positions does not confer leadership.
When the Call Comes, Will you Be Ready?
We live in an era of deep public distrust and overt, transparent corruption-by both public and private organizations and their leaders. The public has increasingly learned to accept publicly announced wrong doings and self-dealings. The result is passive acceptance. The logic is these actions can’t really be corrupt because disclosure would result in accountability or at least push back bythose whose duty it is to oversee.
A Credit Union Family Keeping the Faith
Many years ago a young financial executive working in a midwestern S&L wanted to explore opportunities in credit union land. He called Callahans to ask for a copy of our new Credit Union Directory which he bought. Shortly thereafter he began a career, first as a senior officer in an Indiana credit union, then as CEO in Kentucky and finally a longer tenure at a leading Michigan credit union from which he retired. He is a person who always sends you a greeting on your birthday.
Start Your Week with Hope
Over 20 years ago, Rev. Robert Gamble, a Presbyterian minister, began working with orphans and street children in Ukraine. The country became independent from Russia in 1991. Following the 2022 Russian invasion, his mission evolved to serve children of single parent families that had relocated from front line cities. Most of these children have grown up knowing only life in a country at war with the constant prospect of aerial attack.
A Slice of Life
A poetic experience one can recognize for all who have driven a child to college. U-Haul I was glad to. After all, it would be just him and me in the cab together for eight whole hours, talking. He’d been away at college for four whole years, text-messaging every now and then, and now I expected some full sentences. That was the deal. In return we’d use my credit card and I would drive him and all his worldly possessions home.
“Mustard Seeds” in Ukraine
St. John’s Norwood Parish, an Episcopal church in Chevy Chase, MD, has a lay group that provides direct help to Ukrainian citizens in that country’s war with Russia. They partner with St. Andrew’s Ukrainian Orthodox church in Silver Spring, MD, which receives direct requests for specific special projects as well as regular health and welfare shipments.
Looking for Writing Help to Tell a Unique Credit Union’s Story
I am seeking a person to help research, interview and write a story about a remarkable CEO and his leadership of a credit union. We know the end. Approximately 18 months after he retired, the board member who followed as CEO merged the credit union. The events occurred almost 10 years ago. The credit union was over $100 million and had a powerful economic impact on the community and residents of Carlisle, PA.
A Nominating Committee that Works for Members
The entry point for board elections in credit unions and other one -member, one-vote democratic organizations is the nominating committee. The committee’s role is critical . Unlike most other shareholder owned companies, credit unions have no weighted voting by share classes, by number of shares owned, or another differentiation controlling the owner’s voting power. Unfortunately in most credit unions the nomination process is a very closed and tightly managed event.
Common Feelings Aroused
Last week I posted, as usual, my daily blog The Tragedy of the Commons, on LinkedIn. Much readership followed. The theme was that the “common wealth” of strong, long-serving local credit unions was being transferred without any concrete advantage, member benefit and with a lot of PR smoke and mirrors. It included an unnamed specific reference to a recently completed merger.
The Tragedy of the Commons
In business and social analysis, the term “tragedy of the commons” is used to describe situations where there is no private, only general public use, of a natural or shared resource. The most common examples are public lands such as national parks or rivers and waterways. Even the air or access to sunlight in a city are considered open resources available to all, until someone tries to take for private advantage..
A Statement of Belief from 1935 by Credit Union Founders
This article first appeared on ChipFilson.com. Daryl Empen, CEO of Gas and Electric Credit Union, sent me the first Annual Report of his credit union. The three-page report describes the results for members after just six months of operations in 1935. His comment: “While we are offering services today that could not have been dreamed of in 1935, in many ways, our mission remains the same—improving the financial well-being of our members.
Some Events You May Have Missed
Several events you may have overlooked. I believe each has significance for credit unions’ future. GESA credit union will purchase the Salem based Oregon Bancorp at at purchase price of $43-$45 per share. Prior to the announcement the bank’s publicly shares had traded around $27 or lower for the past year. According to a Banking Dive article, this is the fifth proposed whole bank purchases by credit unions in 2026. The report says there was a record 22 bank purchases in 2024. The number.
A Special Credit Union Advantage
What makes a credit union relationship special? Is it being a member and saying “I own it”? Is it some aspect of value which a may be important to a member? Many organiations use the term member when seeking consumer business. But why do members often continue to carry their credit union’s credit card or keep an account open when they move away and take the bulk of their business elesewhere? Sometimes it is easier to understanding what matters in a relationship from seeing another life situation.
Why History Matters-Three Past Headlines
Before the era of virtual media, credit union stories appeared in print. The most newsworthy were the front page leads. Here is an example of on issues top news: NCUA Suspends Salary Bonus Program “High Roller” Lifestyel called “contemptible” in NCUA Memorandum From Iron Wills to Silver Anniversary, NAFCU Turns 25 The front page picture was of a CEO holding a piggy bank in one hand during a speech at a CUES conference.
A Most Essential Leadership Skill
In a market.full of AI, fintech and virtual innovations clamoring for testing, how does an organization cope with all the calls for these future “necessities”? What is hype? What could be an essential component to add to a credit union’s platform? Several years ago I taked with a successful CEO about his recent offering of crypto (bitcoin) to members. He said the members were asking for it. He owned some himself. Integrating with third party providers was straight forward.
A Poetic Metaphor for Coop Leaders
by Nobody rules. They all take turns. I can never tell who will chase who playing war over the couch and chairs, round and round again until suddenly they stop as if a whistle blew in their heads. Five of them, aged fifteen to two. Who will curl together making one cushion of patchwork fur? Who will painstakingly lick a friend, washing and cuddling. Who will growl at their friend of last hour? The one rule is where each sleeps at night, their spot in the bed and with whom. It is written in bone.
Credit Unions Using History to Prepare the Future
Following is an introduction to a video lecture by historian Timothy Snyder titled “What is history?” () We speak often about history, but we are careless with the past. When we choose not to know what has happened before, we are also choosing not to influence what will happen after. If we don’t care about history, we find ourselves in an eternal present, denied any sort of imagination about the future, and nurtured on lies about a past in which we were innocent.
Do Credit Unions Have Values?
At the Western CUNA Management Scoool, students are discussing the future of credit unions. Is the cooperative system just another financial option for Americans or does it have a different public priority from its founding and subsequent tax exemption? Some assert what makes credit unions different is that the system is based on values. Some would point to the seven or eight cooperative principles as one indicator of the difference from for-profits. But can institutions have values?
Credit Union Strategy: Back to the Future with a Live Case Study
What is credit union’s most important strategic advantage? Is it the tax exemption? Their superior volunteer and professional ledership? The democratic member-owner design? Their origins and long standing member relationships? Is it superior size and scale? The ability to buy out their for-profit competitors in private? Or, the classic non-answer, It depends?
The Origins of the Cooperative NCUSIF
On April 15, 1983, the NCUA sent a Report to Congress on the origins and future of the NCUSIF. It is required reading for anyone who wants to learn of the unique role of share insurance for the cooperative system and the basis for its restructuring in 1984. While all three federal funds responded to Congress’s special request, only the NCUA’s proposals were adopted in the Deficit Reduction Act in 1984, changing the whole approach to cooperative share insurance.
Cedit Union Schools: What Should Students Learn from History
Yesterday began t he 2026 Western CUNA Management School (WCMS) two week summer session. WCMS is one of several industry sponsored professional education opportunities. The curriculum is covered over three years with the two week sessions the in-person class and social networking experience. The on campus portion is held on the Pomona College campus with students living in dorms. Classes are led by college professors, industry veterans and outside experts.
How Should Coops Measure Member Wealth: The Mean or the Median?
For over a year in their quarterly Trendwatch industry uupdates, Callahans has shown long term trends using both average (the mean) ratios as well as the median for industry level performance. The mean is the weighted average outcome for all credit unions. Obviously this apprpach gives more significance to larger institutions’ trends versus smaller. The median shows the middle number where 50% are below and 50% are above the number being tracked.
A Story that Illustrates an Entire Credit Union’s Mission
Sometimes a simple story can portray an entire philosophy, strategy or organization’s culture. No corporate manuals, strategic plans, or even special training sessions are needed. For example in the Bible when Jesus says his second great commandment is to love your neighbor as yourself. His critics ask, Who is my neighbor? Jesus then tells the story of the Good Samaritan. It is about a traveler attacked and robbed by thieves, and left injured lying alone on the road. His fellow countrymen pass by.
Passing on Wisdom from an Older Generation
I’m in the process of downsizing which means looking through a life’s work of paper files and documents. My Grandpa Webb was a high school teacher in Taylorville, IL for almost six decades. In a letter to me dated Feb 26, 1963 in my first year of college which was challenging, he quoted the preacher Henry Ward Beecher: It’s not work that kills a man; it is worry. Work is healthy; worry is rust upon the blade. It is not the revolutions that destroy the machinery, but the friction.
A CEO’s Words: Freedom Means “How We LIved”
Evergreen Credit Union, Portland. Maine was founded in 1951 to serve the employees of the S.D. Warren paper mill in Westbrook. Today it serves six counties in the state with a complete line of personal and business services and with multiple community partnerships. The credit union embraces the culture and spirit of Maine in its branding. But importantly with its many local, engaged roles with the communities where it has branches.
The Critical Role of Credit Union History Right Now
This post was originally published on ChipFilson.com. Recently, I contacted the Library of Congress (LOC) to see if they had copies of Report on Credit Unions. This monthly printed publication started in January 1957 and continued through the mid 1980s. Here is what the librarian found in the search of their records: “I am sending you the title page of the Report on Credit Unions published in January 1957—the only issue we have in the collection.
Let Us Live to Make All Free
This is a closing post tracing the impact of America’s revolution on our political and moral priorities today. The focus is on freedom in its many meanings in America and around the world. The Battle Hym of the Republic is sung at virtually all patriotic celebrations. The text was by abolitionist and suffragist Julia Ward Howe.
July 4, 2026: Credit Unions and America’s 250th-Ideals and Contradictions
America’s Declaration of Independence opens with words that inspired a new era of world wide democratic political revolutions. No more rule based on divine right, inherited position or pure force. The words: We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.
Freedom and Credit Unions as America Celebrates Her 250th
One of America’s founding ideals is captured in this poem with its familiar and oft-quoted final lines from her “silent lips:.” The New Colossus Not like the brazen giant of Greek fame, With conquering limbs astride from land to land; Here at our sea-washed, sunset gates shall stand A mighty woman with a torch, whose flame Is the imprisoned lightning, and her name Mother of Exiles. From her beacon-hand Glows world-wide welcome; her mild eyes command The air-bridged harbor that twin cities frame.
Credit Unions and America’s 250th Annivesary
As we head to this Saturday’s national celebration, this week’s posts put credit unions’ role in the context of the country’s ongoing pursuit of “life, liberty and happiness.” The country’s fulfillment of its ideals has not been a straight line for either individuals or our collective accomplishments. Independence and interdependence in our common life often seem at cross purpose.
Credit Unions & America’s 250th Celebration-History Matters
Today credit union momentum for the 250th birthday of America was interrupted by a Supreme court decision. The 6 – 3 conservative majority ruled the President had authority to fire members of independent agency boards established by Congress to be partially shielded from total Presidential control. The decision overturned almost 100 years of precedent. It means Trump’s firing of NCUA board mebers Harper and Otsuka will be upheld by lower courts where the case is on hold.
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