Tuesday, October 14, 2008

Paul Kanorski Acknowledges Doing Favors For Credit Unions' PAC Money

Life is a Highway published by the Pennsylvania Credit Unions Association issued this notice to its Members in November 2007.

"Association Offers Debt Purchasing Services

No matter how effective your collections department, all credit unions have charged-off loans that may be impossible to recover. By converting these accounts into cash, your credit union receives an immediate source of revenue. Selling charged-off accounts also frees up your collections staff, allowing them to focus on those loans with a greater likelihood of recovery.

Debt purchasers are typically interested in very large portfolios. Recently the Association teamed with Commonwealth Financial Systems, Inc., Scranton, to provide debt purchasing services to all Pennsylvania credit unions. While Commonwealth Financial Systems does purchase individual portfolios, all member credit unions will have the opportunity to sell charged-off loan portfolios during offering periods throughout the year.

To help credit unions better understand Debt Purchasing Services from Commonwealth Financial Systems, the Association is hosting a free, no-obligation webinar featuring Peter Kanjorski, Portfolio Acquisition Manager, Commonwealth Financial Systems. This webinar will be held at 10:00 a.m. on Tuesday, November 27, and repeated at 2:00 p.m. on Thursday, November 29. To register for this webinar, please provide your name, credit union, and preferred e-mail address to Liz Longenecker at Liz.Longenecker@pcua.coop no later than November 26. For additional information on Debt Purchasing Services, contact your Association Account Executive or e-mail productinfo@pcua.coop."

The Credit Union National Association published this article about the 2006 election cycle. It highlights the political activities of John Kebles, the President and CEO of Choice One Community FCU. "John got his start with credit unions in 1977 as a part-time volunteer treasurer of a newly organized credit union. This opened the door, and his eyes, to the wonderful world of credit unions. He is very active in the credit union world, serving as: Board Chairman (2001-2003) of the Pennsylvania Credit Union Association; currently serves as Chairman of their GAC/PAC committee."

It goes on to state "However, in 1998 John realized the importance of becoming involved at the national level with the introduction of HR 1151. It was during this time he got to know Congressman Paul Kanjorski (D- PA-11). Ever since the fight for HR 1151, John has been on the front lines of Rep. Kanjorski’s re- election campaigns. John has hosted fundraisers, done door-to-door campaigning and manned phone banks, in addition to donating personal funds, all to help get Kanjorski re-elected. As John likes to say, “You have to walk the walk and talk the talk.” All this campaigning for Rep. Kanjorski has paid off – they have developed a close personal, as well as professional, relationship (and the Congressman even pays when they go out to lunch)! Kanjorski refers to John as his advisor; he will call John to discuss all kinds of issues, not just credit union ones. He considers John a direct contact to the credit union movement and with good reason. John’s credit union, Choice One, has a corner in their office with photos of Kanjorski’s involvement with credit unions. They keep it updated, which is easy to do since the Congressman stops by the credit union at least twice a year and spends time interacting with the members in the lobby. He also recently attended the grand opening of a new branch. John was so pleased when Kanjorski, during his speech at one of the GAC’s, used their friendship as an example of how to become politically involved. He pointed out political activism is not just about favors, but about long-term, lasting relationships."

This article illustrates the favors Paul Kanjorski does for credit unions, not his constituents. "New movement in the House of Representatives on the Credit Union Regulatory Act (CURIA) — driven by recent hearings and a growing cosponsorship list —has now been matched on the Senate side. Senators Mary Landrieu (D-LA) and Joseph Lieberman (I-CT)— have introduced a similar version, ensuring that credit union concerns will be part of the debate on regulatory relief for financial institutions in both chambers of Congress.

In addition, a new House bill — the Credit Union Regulatory Relief Act, or CURRA — has been introduced. The measure contains the same provisions as CURIA minus the major ones opposed by banks — specifically, raising the cap on member business loans, creating a risk-based capital system for CUs, and toughening voting requirements for CUs converting tomutual savings banks. By stripping those provisions, the bill may have a better chance of passage, according to Representative Paul Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets and the bill’s sponsor."

CULAC The PAC of Credit Union National Association donates heavily to Paul Kanjorski. He also has received money from the Pennsylvania Credit Union Legislative Action Committee

Keep in mind this hypocrite is the same Paul Kanjorski who was quoted as saying "Mr. Kanjorski said the contributions are from groups trying to curry favor with him. But they don’t influence the way he does his job, he said."

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