NCUA's latest corporate seizure requires the industry to remain "calm and avoid knee jerk reaction" as it considers alternative moves to handle wholesale services, the chairman of the Illinois Credit Union League said today.
Still, small and medium size Illinois CUs will be facing difficult financial dilemmas as they grapple with NCUA's takeover of at least one of the corporates, the $7.4 billion Members United Corporate FCU of Warrenville, Ill, said Dennis Hall, who also is president/CEO of the $830 million I. H. Mississippi Valley CU of Moline.
Hall said his own CU is of sufficient size to seek out alternative vendors for its item processing, check clearing or funding sources but observed that smaller CUs are in a tougher bind.
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