BIRMINGHAM, Ala. (6/12/14)--In an interview with the League of Southeastern Credit Unions, newly appointed Alabama Credit Union Administrator Sarah Moore said she would like to see innovation and expansion of credit union services to state consumers during her tenure.
"Alabama has many consumers that do not use financial institutions but rather use more expensive alternative providers of financial services," Moore said in the interview, which appeared in SIGNAL, the league's quarterly magazine.
Moore served as executive vice president and chief financial officer of the Colonial BancGroup, based in Montgomery, Ala., which was seized by federal regulators in 2009. The Federal Deposit Insurance Corp. approved the sale of Colonial's $20 billion in deposits and about $22 billion of its assets to BB&T Corp (News Now April 22).
Colonial was a major lender to developers in Florida and Nevada and was hit hard by the collapse of the real estate market in those states. The bank ran into problems after it was revealed that it had bought $1 billion in mortgages from Taylor, Bean & Whitaker that Taylor Bean did not own.
Moore said she recognizes and embraces the differences in business models and regulations governing credit unions and banks.
"Credit unions serve vital roles in our communities by granting loans and providing financial services to members," Moore said. "The walls separating banks and credit unions have been chipped away as personnel have moved from one to the other. The knowledge and experience gained in my previous careers as an auditor, bank executive and consultant to financial institutions and real estate professionals all contribute to my understanding of the business of credit unions."
When asked what drew her interest in becoming credit union administrator, Moore said she could use her prior experience to make a difference. She said she will strive to communicate effectively with management and boards of credit unions and provide information on risks and new regulatory proposals.