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Reader comments on WA Credit Union
By: Roger H. Stout
Posted: Saturday, February 6, 2010 1:46 pm
Reader comments on WA Credit Union

UFCW will launch a student run credit union in the district
   On January 26th, the Wyoming Area Board of Education – note, that’s EDUCATION – held their monthly meeting as usual.  When item #10 was discussed, the approval of a credit union office in the high school, the meeting deteriorated to what is best described as a farce very rapidly.  Thanks to PittstonPolitics.com, I was able to be there without ever leaving my computer! 
   I previously thought that school directors were elected to ensure our children would receive the best possible education.  After this meeting, I’m convinced that many of the Wyoming Area Directors have other agendas.  The approval of item #10 must be looked at as merely allowing an outside vendor to do business inside the high school. 
   Why not Wachovia or PNC Bank?   As Mr. Dominick stated, let’s approve him to sell pizza.  Heck, I’m certain the kids would love a Ben & Jerry’s vendor, too!  BUT…none of these businesses will enhance the education of the students of Wyoming Area by having their office inside the building!  I pose the following questions for all parties concerned:
    1.  Should elected school officials approve any agreement such as the credit union proposal which results in an effective endorsement of a business when it includes business conducted inside the school?  No way – definitely not!
    2.   Did anybody do their homework relative to comparisons?  A careful examination of the website www.NCUA.gov may be in order.  This site shows various kinds of information about all federally insured credit unions.  For example:  loan rates, expenses, fee income, dividends paid to members, etc.  How many school directors have ever heard of this site?  I would think none…let alone have properly analyzed the information to see who they have endorsed!
    3.   Another item which was very disturbing was the fact that school administration had apparently put the cart before the horse.  That is, it appeared that the credit union had been approved by the administration without school board input.  Something fishy with that scenario!
    4.   Lastly, it seems that a far bigger fish for the credit union is the families of the students rather than the students themselves.  It surely doesn’t take an office inside the school to attract the real targets:  Mom, Dad, siblings, etc.
    By now you may wonder about the background of the author of this letter.  Answer:  accounting degree, Wilkes College, 1971, plus 35 years managing several credit unions with total current assets of about $82 million – including Wyoming Area FCU.  Proper financial education of all high school students – wonderful!  Wyoming Area School District has very qualified faculty to accomplish that task.  Endorsing an outside vendor spending $50,000 for an office in the high school doesn’t even come close to what the electorate should expect from the directors.  Period. 



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Member Opinions:
By: watchdog1 on 2/6/10
Time for the FBI to look at every board members and the superintendents ethics forms to see who got loans from this credit union. For the last time, can someone answer the question: Is the UFCW associated with the Wyoming Valley West credit union?

This answer will hold the answer.

By: eyeonpittston on 2/10/10
I agree with the comments made by Mr. Stout and would like to add my own comments. The fact that the UFCW credit union was given the opportunity without consideration of other businesses does suggest that there is something fishy, nepotism? The question to ask is whether this was decided upon fairly or because the superintendent and other school board members “play” in the same circle as a particular executive in the credit union? Or, is it because another credit union executive is related to an individual on the school board?

The people of Wyoming area will see that this credit union's interest is not for the students, it is for their own financial gain. How could the board make a decision like this without considering the credit union currently used by the school district? On what exactly did they base their decisions?


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