#337: ABA's Keith Leggett Celebrates Retirement ... Credit Unions, too?

Here at CUbroadcast, we thought we would start the year off with a true humdinger of an interview...

Many credit unions will celebrate and rejoice his retirement, while bankers will celebrate his consistent watchdog efforts of credit union undertakings. No matter your view, American Banker Association's Senior Vice President & Senior Economist Dr. Keith Leggett feels it's his duty keep an eye on credit unions' activities -- even in his post-retirement years. Keep an eye on his CreditUnionWatch blog to stay tuned to his weekly inquiries.

Yes, that thorn-in-the-side, CU antagonist Keith Leggett recently announced his retirement from 20 years duty at the ABA. To discover why, we invited him on the show -- along with discovering his dogged motivation to continue poking and prodding credit unions as he does, bringing many of them to a boil on occasion. He likens his efforts to Ahab searching for his white whale. Well, we all know how that story ended -- and so does Keith, as we jokingly examined the metaphor.

We also discuss some of the biggest issues he has had with credit unions over the years such as ownership, taxation, FOM, etc. In fact, we dissect why he says credit unions not being taxed have kept them from growing -- as far as membership growth goes. But the last couple years, CUs have had a pretty decent track record in the growth department. We get is unique take on this topic.

We also flipped the banking world on its head for a moment and talked about how banks and credit unions can join forces and work together fighting government regulation that has stymied many smaller credit unions and community banks from fully serving their members and customers. Keith calls credit unions and banks cousins -- sometimes getting along, sometimes not. When it comes to regulations, he feels we are all in the same boat -- hopefully, not Captain Ahab's.

We wrapped up by talking about his impact on credit unions. Did his persistent scrutiny really have an effect on the industry -- good or bad? If so, how? I think his response will surprise you.

Many thanks for Keith being on the show and being a good sport. We look forward to having him back on to discuss more of his watchdog efforts. Enjoy!

Visit:
creditunionwatch.blogspot.com

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