A CUNA spokesman today declined to discuss the departure of the $1.6 billion Texas Dow Employees Credit Union from its membership rolls, maintaining it is an "issue between the member and the association."
Yesterday, the chairman of CUNA, Harriet May, a fellow Texan and president/CEO of the $1.7 billion GECU of El Paso, lamented the disaffiliation "as unfortunate and harmful to industry unity. "
In a Jan. 27 letter by the CEO and chairman of TDECU detailed a variety of concerns that triggered the decision to leave CUNA and the Texas Credit Union League.
While praising the "very strong" supportive role TDECU plays in CUNA and the contributions of its president, Edward Speed, May deferred discussing reasons behind the TDECU. She said she was informed of the TDECU decision earlier in the week and noted the Jan. 27 letter from Speed and his chairman, Marcus Stephenson, contained a "laundry list" of reasons for the disaffiliation.
They ranged from "diverging interests" between small vs. large CUs as well as what they said was an alignment of CUNA and the leagues pursuing "decidedly anti-consumer" legislation such as so-called credit card reform and bankruptcy reform.
The TDECU letter did stress that the CUNA exit should not be construed as a move away from the principles "or a departure from our continuing faithfulness" to the movement. Moreover, the Lake Jackson CU remains open to collaborating with TCUL and CUNA on specific projects.
On that score, the president/CEO of TCUL, Richard Ensweiler, said he remains in active discussion with Ed Speed on issues raised in his letter.
In a statement, a spokesman for CUNA President William Cheney said, "We don't discuss affiliation issues publicly."
"Suffice it to say that CUNA is working with the Texas League to address the situation and the issues brought forward by TDECU," the spokesman added.