Small credit union leaders have taken it upon themselves to band together and try to push back against the trend of mergers and acquisitions.
Three years ago, Joy Cousminer, president/CEO of $32 million asset Bethex Federal Credit Union, Bronx, N.Y., helped start an organization called We Care for Credit Unions.
"We watched what was going on with anger and fear,” Cousminer says. “As each credit union disappeared we said, ‘soon, we will be next.’ "
The alliance, which includes more than 30 New York metropolitan-area credit unions, brings credit union leaders together to collaborate. The organization is seeking 501c3 status to be able to work as a nonprofit that can receive donations.
Small credit unions must fight to stay alive—and they need to do so together, Cousminer says.
"Remember how hard it was to get your charter? That is how hard you are going to have to fight to keep your charter now," Cousminer says.
FinCEN issued a list last week of frequently asked questions regarding Customer Due Diligence requirements for financial institutions. The document contains 24 sets of questions and answers, which are also available on. CUNA’s CompBlog .
Oral arguments in the lawsuit against the Federal Communications Commission regarding its Telephone Consumer Protection Act will begin Oct. 19. CUNA filed an amicus brief last year asking for the ruling to be vacated.
The NCUA board voted Thursday to adopt the agency’s strategic plan for 2017-21 that includes updating the agency’s goals for examinations. While this change does not immediately credit unions' exam cycle, it sets the stage for later improvements.