Regarding "Reports of the Death of Small Credit Unions Are Greatly Exaggerated," cutimes.com, July 21. I agree with Mike Schenk that the death of small credit unions is exaggerated. Whenever you are talking about such a large group (there are over 6,000 credit unions with under $100 million in assets), you cannot generalize across the whole group.
Many small credit unions are doing quite well, but the signs are that overall, many credit unions under $100 million are not doing well.
Schenk attributed the problems due to compliance burdens, corporate stabilization costs, back-office redundancies and succession planning. This description of the problem reminds me of a blind man describing an elephant after taking hold of the elephant's tail. As far as it goes it's accurate but leads to a misleading description of the elephant.
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