Ask Michael Bittle, CEO of the Vanderbilt University Credit Union, where his $25 million Nashville, Tenn.-based institution would be without its corporate credit union and he softly chuckles.
Now there are two large credit unions, the $1.8 billion HarborOne Credit Union of Brockton, Mass., and the $1.5 billion Technology CU of San Jose, Calif., making plans to convert to mutual bank charters.
One conversion specialist said he sees more ready to make the switch.
Are your credit union’s pockets deep enough to satisfy the NCUA?
Many worried credit union eyes now are on July 1, the date when the NCUA has said it will bump up ACH fees for U.S. Central Bridge customers by 80%. That looming price hike has triggered a quick rush to the exits as corporates and their members race for alternatives.
Audits typically are prosaic matters, filed by accountants, read by accountants and swiftly forgotten. Not so the recent audit of NCUA’s Temporary Corporate Credit Union Stabilization Fund, announced by the agency on Dec. 27, a day when many are on vacation.
Shortly before year end, NCUA announced it had launched two new websites to increase transparency of the corporate resolution system.
The tough NCUA financial literacy requirements for credit union volunteer directors came as a loud wake-up call on Jan. 27, 2011. And the provision came with a requirement that all new directors had to gain financial literacy within six months of their election.
Corporate leaders had mixed reactions to this week's report from the GAO critiquing the NCUA's handling of the corporates crisis.
Despite an earlier indication from the NCUA that the regulator hoped to reach a decision about how best to dispose of the assets of conserved corporate Western Bridge in November, that month came and went with no announcements.