COLUMBUS, Ohio - NCUA Board Member Deborah Matz reminded the Ohio Credit League's Government Affairs Conference that in the midst of many and varied credit union opportunities, small credit unions still struggle and many close. Pointing out that while this is an exciting time for credit unions with an influx of deposits, sound fiscal health, expanded fields of membership and new member-service tools, Matz reminded the audience that last year 333 credit unions shut their doors, including 23 in Ohio. "Already in 2002, we've lost 202, including 10 Ohio credit unions," she added. Matz noted that NCUA Board members aren't routinely notified when a credit union ceases to do business. She asked NCUA staff "to notify me when a credit union under $10 million is involved in a merger or liquidation. I expected to hear of one or two a week. Instead, I've been astounded to receive notification of five or six a week and, sometimes three or four in one day." Part of the remedy to this loss might be credit unions offering their members more products and services, Matz said, including mortgages and linking with Fannie Mae and Freddie Mac to expand their mortgage offerings.
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From the September-25, 2002 issue of Credit Union Times Magazine • Subscribe!
Matz bemoans loss of small credit unions
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