Keith:
Your recent Blog,
which referenced the American Consumer Council (ACC), has several errors and
inaccuracies that need to be corrected.
For the record, the American Consumer Council is a non-profit consumer
education organization with over 140,000 members nationwide. Our focus is
consumer advocacy, financial education and corporate social responsibility. Our
common bond is very clearly stated in our bylaws and literature.
For you to suggest
that consumer-members of ACC should not be eligible to join a credit union is
arrogant and discriminatory. It smacks of the typical “Big Bank” gobbledygook that
is offensive and condescending to most American consumers. And, let’s be candid
here, it’s the reason why so many banks are reviled by consumers. Simply
stated, banks have lost our trust.
Consumers haven’t forgotten
that is was Big Banks – not credit unions – that betrayed consumers and largely
caused the Great Recession with their shady practices and “wheeling n’ dealing”
that devastated our retirement and savings accounts. It was Big Banks that
deceived consumers with mortgage deals and then illegally foreclosed on millions
of consumers’ homes.
At a time when
banks have all-but-deserted the average American consumer, credit unions are
more vital to the financial success of our members, entrepreneurs and small
businesses than ever before. We proudly stand with our credit union partners because
they do an outstanding job serving the financial needs of consumers.
So, Keith, let me
help you get your facts right. As with every non-profit organization, ACC has
membership eligibility criteria which is listed in our bylaws and on our
website. Therefore, it’s misleading for you to suggest that “anyone can join a
credit union [or our organization] by checking a box on a credit union
application.” That’s just not true.
Consumers join our
organization by completing a membership application and paying the appropriate
dues. Every individual who wants to join ACC must meet our membership criteria in
order to become a member. We also
provide scholarships to a segment of the consumer population that cannot afford
our annual dues.
Also, we actively
support many areas of the country where there are large numbers of under-served
consumers. Unlike banks, which have closed branches in under-served regions and
“blacklisted” many consumers because of simple mistakes they made during their
banking transactions (as recently reported in the New York Times), credit unions have been a strong, reliable financial
partner with ACC by delivering value-added services at competitive rates to
these under-served consumers and regions.
Finally, it’s
ludicrous for you to suggest that because a credit union enrolls members of the
American Consumer Council that they are somehow “straying from their charter.” Every credit union is strictly regulated by the
NCUA or its state regulator. We have found that the men and women who work tirelessly
for the NCUA are dedicated, competent people who follow the letter of the law. This
is why ACC must adhere to the same guidelines that every other Select Employer Group
(SEG) must adhere to when we put forward a request to have a credit union represent
or enroll our members. It’s a cheap shot on your part to blame regulators for
doing their job… and a good job at that!
It’s unfortunate your
perspective is so lop-sided simply because you work for the American Bankers
Association, a good organization but one that really doesn’t embrace the
traditional American values of competition and capitalism. How ironic.
Also, it’s obvious
from your own blog postings, articles, and statements which I’ve read, that you
seem hell-bent on destroying credit unions, which only represent 6% of the
financial market; and, in the process, the “little guy.” Certainly, there must
be a more enlightened way for you to communicate your views than by knocking the
“little guy” – the average American consumer who feels abandoned by the very
banks you represent.
While your position
at the ABA does give you a platform to espouse your views towards credit unions,
it doesn’t give you the right to misstate the facts. Nor, should it give credence
to your lop-sided idea that consumers should be denied the right to choose their financial relationships; or, have
the right to become members of credit unions; or, suggest that credit unions not
be able to legally partner with organizations like the American Consumer Council,
whose mission is to help our consumer-members obtain the financial services they
need to live their dreams.
Thomas Hinton
President & CEO
American Consumer Council
www.americanconsumercouncil.org
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