Cheney Outlines Corporate Summit for November
As the industry frames its next response to corporate restructuring and service options, CUNA President/CEO Bill Cheney, provided fresh details Friday on a special high-level credit union Summit next month.
The goal of the one-day Summit is to chart the future of the corporate system and find optimum service approaches. The gathering will have representatives from a broad spectrum of industry interests and organizations, ranging from healthy corporates and state leagues to NAFCU and CUNA Councils.
Stressing the urgency in developing solutions and working together, Cheney said a Midwest site, possibly Chicago, is being considered. The planned date will be sometime in the first two weeks of November with no more than 50 in attendance to keep the discussion manageable.
CUNA said such a gathering was needed to coordinate how the industry addresses issues arising from the NCUA's new corporate CU rules.
Since the NCUA's creation of five bridge corporates, Cheney said CUNA and the state leagues have been fielding thousands of questions from concerned CU managers and boards about the future role of corporates in providing key payments, settlement, liquidity and investment advisory services.
NAFCU issued a statement saying it welcomed joining the Summit, adding that it expects a new corporate system "will rapidly evolve over the next three to six months that is appropriately shaped by market forces and the needs of natural person credit unions."
NAFCU said it is "continuing to work aggressively with our members to ensure that the products and services that they have received through the corporate system that are necessary to serve their members continue to be available."