Goldstein: CUs serve underserved

Treasury official promises continued reform of the housing market.

February 28, 2011
KEYWORDS goldstein , housing , market
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When it comes to serving the nine million American households that are unbanked and the 21 million households that are underbanked, credit unions offer a lot of value to their communities, said Treasury Under Secretary for Domestic Finance Jeffrey Goldstein, at yesterday’s Opening General Session.

Not having a credit union or bank relationship relegates those consumers to high-cost financial service providers—options they can’t afford. Goldstein promised that Title XII of the Dodd-Frank Act will help those consumers get access to affordable financial services, and he urged credit unions to participate in the Bank on USA program to improve access to affordable financial services.

Goldstein also promised continued reform of the housing market, noting that the Obama administration has announced plans to address the multiple problems of Fannie Mae and Freddie Mac in a timely, but appropriate, manner.

He said the administration will balance reform with an appropriate pace to avoid pushing the critical housing market into new problems.

Housing reform means all Americans should have access to housing they can afford, but it doesn’t mean every American will be—or should be—a homeowner. He noted that credit unions and community banks need access to credit markets to help sustain the mortgage market.

The appropriate role of government is to ensure access to the mortgage market and eliminate the risk to taxpayers, Goldstein said. For now that means “supporting Fannie and Freddie as they wind down.”

“The housing market is central to the broader economy and needs to be a source of stability,” Goldstein said, promising that the Obama administration will not move with undue haste.

• Read more GAC coverage here.

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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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