The concept of a "task force" may be in vogue for a number of credit union leagues dealing with the altered corporate landscape but in Connecticut, they are going for a "Review" panel.
The Connecticut Credit Union League said Friday it is heartened by a growing list of CEOs and other managers signing up for the "Corporate Service Replacement/Options Review Group" which will meet soon to discuss directions and options for CUs grappling with the fallout from the NCUA conservatorship of the $1.4 billion Constitution Corporate FCU of Wallingford.
"We put out a notice just two days ago and we already have 50 CEOs and others signed up and I think that tells the story of how our credit unions really want to come together to find solutions," said Tony Emerson, president/CEO of the 140-member league.
The Review participants representing all sizes of CUs in the state are slated to hold their first meeting in Wallingford in two weeks "and then another after that to discuss what we hear from NCUA on what they will do with Constitution Corporate," said Emerson. "That is what we are anxiously waiting on so our credit unions know how to proceed."
NCUA has said it intends to find a merger partner for Constitution Corporate and most recently mention was made of a "four to 12 week time frame."