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.
Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.
More than 300 credit union compliance professionals from 237 credit unions and more than 20 associations attended last week’s CUNA/NASCUS BSA Conference to get the latest information on BSA compliance from regulators, attorneys and other compliance professionals.