Conference 7.286::dcu

    re:disclosure
    
    	"2"
    
    I have a CRT loan with DCU and no other.  

re: disclosure

	"1"

I maintain a savings account (with the standard $5.00 balance), and 
two checking accounts with balances that fluctuate between $10 and
$10,000 depending on my spending habits.

I have no loans, credit lines, or credit cards with DCU.  All my
saving is done with other banks, and my only loan right now is
with the Hudson Savings Bank in Hudson, MA.

I don't believe that any more additional information would be
helpful, but I'm willing to make a complete financial disclosure
if necessary.

./Chris

	I'm not so interested in loans that a candidate might have now, so 
	much as in loans that a Director might obtain during that Directors 
	tenure of office.

						Tom_K

The intent of my original note is as stated by  -.1  I should have
included the text which was:

     If nominated and elected as a BOD member ....
	I will release, upon membership request, ....

Gim

I might as well release my info here - it's not very interesting anyway 8*)

I have only a house mortgage out, the terms are a matter of public record:
	10.75% fixed rate with Shawmut

I have a second mortgage line of credit from DCU which I have never used.

I have no other outstanding loans.

As the person who entered note 450.0, I should mention that I personally
don't feel that it is necessary for Board members to release individual
information on their loans.  What I'd like to see something like this:

  1)  A bylaw mandating a yearly summary report on DCU loans that benefit
  directors and high officers of the DCU, or their families.  The supervisory 
  committee should be responsible for verifying the accuracy of the report.

  2)  The summary should be split up into categories (e.g. mortgage,
  auto loan, consumer loan etc.) with for each category:  the total number 
  of loans, the total sum of loans, the maximum single loan, and the
  total number of directors/officers who benefit from the loans.

In short, I think it should be a regular thing, and I think it should
respect the privacy of individual Board members.  Also, it should be
beyond the power of the Board to change the terms of the reporting.
If it only happens when the Board is willing to report it, it isn't
much good.

I am happy to see the statements here from various candidates supporting
this general idea, and would be happy to see discussion on the exact
form the disclosures should take.

	Enjoy,
	Larry

    In case anyone's interested....I had a home loan from DCU....but it was 
    sold to another institution.
    
    I have a small savings and a checking account.
    
    If elected....I support full disclosure of BoD loans.

�  1)  A bylaw mandating a yearly summary report on DCU loans that benefit
�  directors and high officers of the DCU, or their families.  
    
    I thought the DCU and NCUA bylaws specifically prohibited directors
    from "benifitting" from loans.  They are only able to obtain loans
    under the same circumstances as any other member.

re .8

My understanding of things is that loans may not be made
to members under differing circumstances.   Chuck
Cockburn made this very clear in a meeting I attended
when he said that no loan could be made to a member
(in this specific case he was referring to Mangone)
that was out-of-line with other loans DCU was making.
I was assured that such behavior did not go, was not
going on, and that audits would have revealed such
things.

Take what you want from the above, but it seems clear
to me, based on statements made by an expert, that
"favorable loans" to ANYBODY are at least improper and
probably illegal.

/chris

>    I thought the DCU and NCUA bylaws specifically prohibited directors
>    from "benifitting" from loans.  They are only able to obtain loans
>    under the same circumstances as any other member.

By "benefit" I didn't mean "illegally benefit" or "unfairly benefit".
I mean any loan at all that involves them or their immediate families,
whether as individuals, trustees, principals of a business, or whatever.

Directors are allowed to have loans from the DCU -- they are members.
The problem comes with the question of just what is a loan to an officer
or director.  Do we mean just individual loans?  What about loans to trusts
for which the director or officer (or their immediate family members) are
beneficiaries?  What about a business loan to a business run by or owned
by a director or officer?  

I'm not a lawyer.  By refering to "loans that benefit officers or directors" 
I was trying to cover all of those different cases.  There isn't necessarily
anything wrong with directors and officers getting those sorts of loans --
but I think they should be disclosed.

Incidentally, lest anyone think I'm being paranoid, I've read about officers
of bankrupt S&Ls who arranged huge loans at great rates to trusts that they
controlled.  It wasn't even illegal!  After all, it wasn't loans to the
officers/directors as individuals.  

Also, this is the sort of thing (loans to trusts that benefitted him) that 
Mangone was doing as part of the participation loan fraud.  True, as things
stood, those loans would not have been disclosed because the DCU didn't ask
who were the beneficiaries of the trusts.  But I think in future the DCU
should ask who benefits from each trust -- and if it is discovered that an
officer or director is benefitting from an undisclosed loan, then some
pretty serious action should be taken.

	Enjoy,
	Larry

    I use DCU for my primary checking and saving accounts. My total
    account balance normally fluctuates between $1000 to $5000.
    
    I had an auto loan from DCU that was paid off last year. I presently have
    mortgage from Independence One Mortgage Corp.
    
    Although I don't see in near future any need for loan, I would fully
    disclose the terms and conditions of my loans from DCU in case I am elected 
    as a BoD. Moreover, I would strongly push for full disclosure of loans of
    BoD and high officals of the DCU to the members.
    Abhijit