OSCUI Helps Sustain Founding Spirit
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 ever-changing technology.
Let's not forget that it is the cooperative spirit of all credit unions, small to large, that is footing the bill to bail the credit union industry out of its financial woes.
I believe to assist smaller credit unions would be a continuation of that credit union cooperative spirit, to hopefully enable them to continue serving their members as they were designed to do.
Mid-Tex Federal Credit Union