With the fate of Constitution Corporate CU now sealed, NCUA made good this week on its pledge to hold a town hall meeting for CEOs of Connecticut CUs in a Q&A session conducted by the state's top regulator, Howard Pitkin.
The NCUA's top man on corporates, Scott Hunt, director of the office of Corporate Credit Unions, led Monday's hour-and-a-half meeting in Hartford, which drew 75 attendees and was described as "productive and informative." Hunt outlined the steps leading the assumption of Constitution's operations by Members United Bridge Corporate FCU.
The Warrenville, Ill., corporate remains under NCUA conservatorship but with NCUA as a watchdog has continued to service its CUs across the East and Midwest as it also promotes its menu of processing, funding, and general correspondent services under its 24 month window.
Also speaking at the Hartford town hall was Charles Furbee, the acting CEO of Members United along with Bill White, the interim CEO of Constitution Corporate.
While Members United is taking over Constitution operations, Corporate America CU of Birmingham, Ala., last week in a bidding procedure acquired Smart Source Solutions, a CUSO offering web design services.
Tony Emerson, president/CEO of the Credit Union League of Connecticut, noted that many of the CUs represented at the conference that used Constitution already have accounts at Members United, easing the transition.
Still, Members United has promised to hold its own town hall meeting in Hartford tentatively set for Dec. 16 to familiarize CUs with its product line.