RCU using RGs to teach F&P to CU NEDs

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WizardDr

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I hear that Credit Union Board members up and down the country were delighted that the experienced Central Bank team - usually in their 20s straight from college - gave them a stern drilling on FITNESS AND PROBITY. [Most credit union Board members are 50+ and involved in movement for years. The CB team - well they have no experience in running any Credit Union and ask yourself is this the way the board members should be treated.]

The thorough grasp of the Credit Union business and ethos learned from a book was a sight to behold. [Many older board members of Credit Unions are actually distressed by all of this and don't go public on it]

RCU should be congratulated [I mean should reflect] on bringing such an experienced team to teach the Board members the advanced theoretical rules on running a business.

[Read S79A to S79T (as inserted in the Credit Union Act 1997) contained in the 2012 Credit Union & Overseas Regulators Act 2012 and weep.]

[If you are not following any of this, then you are not familiar with the movement. If you have attended one of the town hall meetings then you will know all about it. If you are following the Credit Union movement and are unaware of S76A to S76N then read it and then come back and tell me what you think].
 
What is RCU?

I dont understand the post/thread. What point are you making about the CU/CB ?
 
The Doctor is raising a very valid point - allow me to translate.

1) The experienced, voluntary board members of the Credit Unions must adhere to a Fitness and Probity scheme
2) The Central Bank has to assess and teach them on their fitness and probity and so they sent out their staff who would generally be inexperienced people whose knowledge of fitness and probity comes from the book, and not from life or business judgement
3) "I hear that Credit Union Board members... were delighted" This gets a bit lost in translation, but I think that the Doctor is using sarcasm and wit here.
4) "RCU should be congratulated on bringing such an experienced team to teach the Board members the advanced theoretical rules on running a business."

RCU is the Registrar of Credit Unions.
The use of the word "congratulated" again indicates irony.
 
I thought that the original heading "fitness and probity" was a bit vague, so I have edited it to make it more meaningful.
 
peteb said:
What's their age and academic background got to do with anything?
Click to expand...

Hi Peter

To really understand and teach many of the issues, broad business and banking and credit union experience is necessary.

Many of the CB staff have only theoretical experience. They go entirely by the book and can't exercise any judgement.
 
Brendan Burgess said:
Hi Peter

To really understand and teach many of the issues, broad business and banking and credit union experience is necessary.

Many of the CB staff have only theoretical experience. They go entirely by the book and can't exercise any judgement.
Click to expand...

A lot of the very experienced credit union boards have made an absolute mess of lending so maybe lack of credit union experience is no bad thing!
 
WizardDr said:
I hear that Credit Union Board members up and down the country were delighted that the experienced Central Bank team - usually in their 20s straight from college - gave them a stern drilling on FITNESS AND PROBITY. [Most credit union Board members are 50+ and involved in movement for years. The CB team - well they have no experience in running any Credit Union and ask yourself is this the way the board members should be treated.]

The thorough grasp of the Credit Union business and ethos learned from a book was a sight to behold. [Many older board members of Credit Unions are actually distressed by all of this and don't go public on it]

RCU should be congratulated [I mean should reflect] on bringing such an experienced team to teach the Board members the advanced theoretical rules on running a business.

[Read S79A to S79T (as inserted in the Credit Union Act 1997) contained in the 2012 Credit Union & Overseas Regulators Act 2012 and weep.]

[If you are not following any of this, then you are not familiar with the movement. If you have attended one of the town hall meetings then you will know all about it. If you are following the Credit Union movement and are unaware of S76A to S76N then read it and then come back and tell me what you think].
Click to expand...

To be blunt I don't see anything in the performance of CUs to suggest that experience brings much to the table. BTW, I am 50+ and I regularly sit in on lectures/classes/presentations given by 20+ year olds and I have no problem with that!

Honestly if people at 50 are so fully of their own importances that they feel they can learn something from some one younger than themselves, them perhaps it is time they went....
 
@Jim2007 Fair point. However, since 1960s - and for 38 years after that - they were good businesses. The tsunami that took out ALL the Banks (every single one) did not wipe out all of the CU. A few - and maybe 20 out of 400. Does that not strike you as somewhat better run than the Banks?

Its not that they are full of importance - the opposite - there is no representation for these people that have served on boards for many years.

Its a respect thing - a bit like the elderly parent in a hospital being treated child like. If you have ever seen it you will know what I mean. There is a better way.

By the way I am not a Board Member - I would not put up with this for NO FEES and have director exposure to liability that is somewhat serious.
 
Surely the whole point of fitness and probity is they fit within certain fixed guideslines and if they dont, well..........
 
@peteb - have a look as S79A to S79T and tell me what you think.
@clairem How many have actually failed (out of 400)?
The Banks - all of them - every single one went.
 
I don't understand the indignation. From what I can gather from your OP, the Central Bank made a presentation at a conference for CU Board Members on fitness and probity. Frankly as a CU member I'm distressed that some older CU Board Members found this distressing!
 
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