Tag Archives: CU Management

How to Cost Your Financial Institution a Bunch of Customers in Two Easy Minutes

Submitted for your consideration: Bob Morgan, CEO of the North Country Federal Credit Union. Well, he was as of this writing.

Morgan was the only witness in Friday afternoon’s hearing on public sector pension reform to play the Ebenezer Scrooge role, talking up the urgent need to stick it to state and school employees. All the other witnesses were teachers, state employees and their supporters, all urging the Legislature to hold the pensions harmless.

Morgan’s pro-reform pitch makes sense coming from a member of the Vermont Business Roundtable’s Pension Reform Committee, which he is. But it’s awfully risky for the leader of a financial institution where many teachers and state workers keep their money. After his testimony, Twitter got lit up with calls for people to close their NCFCU accounts.

And eventually, one Twitter sleuth discovered an article describing the generous custom-tailored retirement plan Morgan received from the NCFCU Board. Made it look like a clear case of Steak and caviar for me; hardtack and Alpo for thee.

More on that in a moment, but first, let’s revisit Morgan’s testimony.

Continue reading