Dear Editor
This is a message for members of Innovation Credit Union. This letter has been in my mind since the opening of the new credit union building in Swift Current, and what a building it is. Was it really necessary for the credit union to occupy as much, or more, floor space than the other five banks in Swift Current combined?
As one wit suggested, the credit union had too much money growing in an account, so, what to do? Better to waste it on bricks and mortar than risk it someday falling into the hands of the member-owners.
There may be kernel of truth in that statement, at least it compelled me to write a letter to Fred Townley-McKay, CEO of the credit union (now retired). I asked, "Do the profits of the credit union belong to the members?" The answer was, "No. They belong to the credit union."
How is it possible for Innovation Credit Union to be member owned when parts of the credit union do not belong to the members? Mr. Townley-McKay never said if that is actually a credit union bylaw.
That was pretty stupid of me. I always thought everything in a co-operative belonged to the members.
Innovation Credit Union is quite open about the fact it has given away and continues to give away large sums of money. My guess is the board of directors are decision makers deciding which groups or businesses are worthy to receive credit union dollars.
I have asked several times, at the annual meeting, if it would be possible to set up a bear pit session with the board of directors and members who may have concerns about the credit union operation. I am afraid my requests have fallen on deaf ears.
It seems to this member, the board of directors is too much like a secret society, accountable only to themselves.
Henry Neufeld
Waldeck
