What Credit Unions Need and What They Don't Need
Credit unions could use a charismatic leader right now. Who is going to rallies the troops to get this splintering industry to-well-cooperate?
Certainly there are leaders in the credit union industry who could probably fit the bill. Executives who know their business, are great speakers and can get people to follow them exist.
On the other hand, blind faith is not. Just as credit unions perform due diligence on their third-party service providers, they must keep an eye on the regulators. Ask questions and respectfully debate issues. You generally catch more flies with honey. And while every entity has screwed up along the way, that doesn't mean everyone associated with that organization is to be vilified.
Jon Rhodes, CEO of FedFinancial FCU, said the NCUA's plan seemed pretty well thought out. He's switching corporates though rather than recapitalizing the one he's at. FedFinancial, at $65 million in assets, can't afford the $300,000 it currently has at risk in Mid-Atlantic, he said.