TDECU Disaffiliates From CUNA and Texas League
Citing lobbying tactics, governance and other policy issues, the $1.6 billion Texas Dow Employees Credit Union has quit CUNA and the Texas Credit Union League.
In a letter to CUNA's leadership, the president/CEO of TDECU, Ed Speed, explained the CU's disaffiliation stemmed from differences on a variety of concerns, but card reform, bankruptcy, a lack of volunteer governance and small vs. large CUs were key areas.
Reacting to the disaffiliation, the chairman of CUNA, Harriet May, declined to discuss Speed's concerns but told Credit Union Times that she is "deeply disappointed" in the move because it underscores a measure of industry disunity.
"I learned about this 48 hours ago and is so unfortunate," said May, who also is president/CEO of GECU of El Paso. "There so many important issues for our industry that we need to be united."