Dennis Fisher, president/CEO of the $7 million First Security Credit Union in Lincolnwood, Ill., told CU Times that CUNA, the state leagues and regulators are ignoring the loss of small credit unions.
"If small credit unions go the way of the dinosaur, if this trend continues they will, without any help from the national organizations or the state leagues or a collaborative effort with the NCUA and the regulators and guess what? The credit union movement loses its effectiveness," Fisher said.
"I was shocked to learn that Illinois lost 200 credit unions in the last 10 years. We're in the top 5% and most of those are small credit unions. What's being done to stop the attrition of small credit unions? The credit union movement is foolish for giving risk-based capital this big attention and small credit unions are dying and they continue to let them die without making it a big deal and helping them out," he added.
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