[Vision2020] Latah Federal Credit Union

[Tricia Nelson]

I took my ballot in to vote NO. I do not like what they are doing either.  Can you put this on Facebook to get more attention?

Sent from my iPhone Patricia Nelson

> On May 19, 2016, at 11:59 AM, Rose Huskey <rosejhuskey at gmail.com> wrote:
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> My husband and I have been members of the Latah Federal Credit Union for over thirty years.  We have enjoyed the service they have provided and are pleased to support a local business.  The current management of the LFCU have decided to drop their affiliation with the  FDIC: Federal Deposit Insurance Corporation, in favor of a private insurance company. This is a huge step proposed by management and apparently rubber stamped by board members who are either easily herded into compliance by the CEO Lowell Stevens, or, are arguably, unable to assess the risk or even read and understand the following notice.
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> “ If you are a member of this credit union, your accounts are currently insured by the  National credit union Administration, a federal agency. This federal insurance is backed by the full faith and credit of the United States government. If the credit union converts to private insurance with American share insurance and The credit union fails, the federal Government does not guarantee that you will get your money back.”
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> When this type of events occurs, the first thought in my mind is who stands to profit from the change - in this instance surely not the customers.
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> We stopped by the LFCU this morning to vote NO for this drastic and unnecessary change and learned that although we have a checking and savings account within a family trust account we were not eligible to vote because trust account holders don’t have voting privileges.  Further, we were told that if even if we had a joint, stand alone checking or savings account only one of us could vote although though both us would enjoy account privileges.
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> There is a meeting this evening, check the Credit Union’s home page for time and place, to discuss this issue and answers questions. I fear that regardless of the voting outcome (the votes are being tallied by an unnamed organization, perhaps even the insurance company who stands to gain the credit union business). I believe the outcome has been determined.  This morning a staff member of the credit union told us “they” wanted state jurisdiction instead of a “federal bureaucracy.”  At that point we realized that a political agenda with, arguably, personal reasons for these changes had overridden common sense and sound fiscal policies. 
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> Thankfully, there is another credit union in town which retains Federal Insurance and appears to us to be a far safer alternative than a  private for profit insurance company. If you are a member of the LCFCU keep an eye out for increased rates as soon as it is privatized and pray without all your might that if the private insurance company fails you won’t lose your life savings.
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> Rose Huskey
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