Banking Lobbyist Key Figure On Beehive Board

Credit Union Times   December 06, 2007
By David Morrison

SALT LAKE CITY – One of the reasons some members of the $186 million Beehive Credit Union oppose their CU’s proposed move to a mutual bank is the key role they contend a noted Utah banking lobbyist plays on the CU’s board.

Beehive Board Member Douglas Foxley, a partner in the lobbying firm of Foxley and Pignanelli that has represented industrial loan corporations, the so-called non-bank banks which Utah charters along with some other states, as well as the state’s payday lenders. Members also pointed out that Foxley is a regular Republican Party donor, has served Republican administrations and has advised Republican candidates, all of which makes him well connected to the dominant political party in the state.

Foxley has not yet responded to an interview request.

Even though Beehive’s disclosure documents indicate that Foxley has been a board member since 1995, long-term members who oppose the conversion still say they have misgivings about his potential role. Among other things, they contend that Foxley has helped get his lobbying clients and political allies on the board. This undermines their confidence in the board’s actions, they said.

© 2007, Used with permission from The Credit Union Times. All rights reserved.