The National Federation of Community Development Credit Unions has changed and upgraded some its programs to help small community development credit unions.
"There is growing alarm among small credit unions that the expenses for corporate stabilization and the Share Insurance Fund will increase pressure to merge or liquidate them," said National Federation CEO Cliff Rosenthal. "Even small credit unions that are well-capitalized and present minimal risk to the fund are running scared. To address this, the federation will be supporting several initiatives, including the 'We Care' program spearheaded by Joy Cousminer of Bethex FCU, and our Spirit Network of faith-based credit unions, as a way to proactively reach out to some of our smallest CDCUs."
The National Federation also named Brian Gately, formerly director of Technical Assistance, as a new Federation's senior consultant for Small and Emerging Credit Unions. Gately will leverage his extensive experience to help small credit unions meet the myriad regulatory and compliance requirements, the National Federation said.
The National Federation also said that Terry Ratigan will continue as lead consultant for it's CU Breakthrough service, which has worked to get a record number of credit unions certified as CDFIs and designated low-income. Both credentials are necessary for various federal resources.
"We're expanding CU Breakthrough to meet the growing demand for expertise in reaching underserved markets," Rosenthal commented. Credit unions have never received enough recognition and resources for their work to serve the underserved. We aim to change that."