01 Mar Credit Unions Fight Judicial Modification of Home Loans
In an article on its website the Credit Union National Association, CUNA reports that the provision for judicial modification of home loans contained in HR 1106 is strongly opposed by it members. According to the article, 4,200 credit union representatives descended on Washington DC lawmakers last week and argued against the bill. I bet the credit unions paid for airfare and lodging for these “representatives” so that they could make this lobbying foray. Contrast the thousands of dollars bankruptcy lawyers spent out of their own pockets to assist NACBA and The Center for Responsible Lending two weeks ago in support of judicial modification to help their clients.
Credit unions are owned by their members. So, why are the credit unions lobbying Congress to deny their members the opportunity to protect their homes in bankruptcy when they are faced with foreclosure? I guess it is not the members who are lobbying, it is the managers and high paid executives who are working against the interests of their own members.
Newspapers and television programs are full of stories about million dollar bonuses paid to bank executives and brokers. However, it is not just banks and mortgage brokers that receive million dollar compensation packages. Some credit unions have paid more than a million dollars in annual compensation to their CEOs. While compensation for most credit union CEOs is not readily available on the internet, the Credit Union Executive Society, a membership organization for credit union executives, stated in 2007 that the average base salary for credit union CEOs increased by 8% in its survey.
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