Just one of the provisions in the Consumer Financial Protection Bureau’s proposed rules on mortgage servicers released Aug. 10 could cost credit unions tens of thousands of dollars, representatives of the industry told the bureau.
Credit union consultant, blogger and Capitol Hill veteran Marvin Umholtz said the nation’s growing political divide is apparent among credit union leaders and fuels comments he receives from his readers and colleagues.
Because credit union boards are members too, they know how they’re treated as members and what they expect from their financial institution. But at the same time, they need to be more savvy than the average member about what’s happening at the credit union.
The need for succession planning in credit unions isn’t a secret. There is a very real need to groom future industry leaders as many CEOs prepare to retire.