The Association of Corporate Credit Unions will survive, said Chairman Steve Roy today. The corporate trade group met at CUNA's GAC to debate its future in the wake of Executive Director Brad Miller's departure, proposed corporate regulations and growing system losses.
Roy said it's important to maintain the ACCU, which "provides a means for corporates to have a voice, and to come together on issues that need work." In the short term, the organization's number one priority is addressing proposed NCUA corporate regulations.
As far as replacing Miller, Roy said the ACCU is focusing on a short term solution for now, and is looking at options that include hiring an interim director or consultant, until proposed rules become permanent and the system "evolves accordingly."
Roy, who is president/CEO of the $952 million Tricorp FCU, said he impaired 100% of his U.S. Central capital in Nov. 2009, so Monday's U.S. Central loss announcement didn't affect TriCorp's balance sheet directly.
However, he did express "a little surprise" that the losses "went as far as they did into the impairment of the capital note," and added that "for the sake of all credit unions, I hope they can stop the bleeding soon."