Editor's note: this was written regarding the lawsuit filed by CUNA against former managers and directors of WesCorp, including current CUNA CEO Bill Cheney.
It is time to clean house so credit unions can move on. What makes some of these executives believe they are above this problem? When members cause a loss to a credit union their accounts are closed and the relationship is over until they make the credit union whole again. It is time to do the same with this group of executives that have contributed to record credit union losses.
What was CUNA thinking when it named someone to represent us that was in the middle of the very problem that is contributing to the destruction of both large and small credit unions? CUs can best show their frustration by not renewing their CUNA affiliation.
I cannot believe that some of these corporate CEOs and board members are still around. Accountability? Where? This is setting a bad example for an entire industry and places us below the standards of the mortgage and banking industry.
Don Denofio, CEO of Saratoga's Community CU, Saratoga Springs, N.Y.