This is in response to the letter to the editor titled "Questioning Cost of Small Credit Union Initiatives" (CU Times, April 16, 2014).
The original philosophy of the credit union foundation is "People Helping People". Credit unions exist to bring people together in a cooperative effort so their members can receive low-cost, high-quality financial services, no matter their personal resources.
It is crucial for the NCUA through its Office of Small Credit Union Initiatives to help credit unions, due to the increasing regulations that are being placed on all financial institutions. Without the NCUA's assistance, some small credit unions may find it difficult to keep up with compliance changes or even keep the doors open, not to mention keeping up with the ever-changing technology environment.
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