Credit Unions over $500 million account for approximately 3% of the industry. Even at $100 million, small credit unions still account for approximately 80% of the industry. There is no industry confusion. Small credit unions are the industry, and large credit unions are lucky to be called credit unions. It does seem that the California Summit Roundtable is confused considering the comments made in the Sept. 23 issue of Credit Union Times.
Perhaps Henry Wirz and his credit union would be better served by a regulator that regulates larger financial institutions on a regular basis, like, say, the FDIC. Hopefully, they won’t have two different standards for large credit unions of his size and multitrillion dollar banks.
Sundie Seefried
CEO/President
Eagle Legacy CU
Arvada, Colo.