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KENSINGTON, Md.-Lafayette Federal Credit Union President and CEO and NAFCU Board member Bill Brooks is resigning to form a consulting firm, CU Prosper, to help with mortgage lending, member business lending and other credit union issues. Brooks is working with others in the industry to start the firm. “We’ll hopefully be partnering with credit unions to improve their performance,” he explained. Brooks and his cohorts have even coined the term “colapitalism” for the blending of the cooperative spirit and capitalism they see in the future. The firm will likely focus a lot on the mortgage lending side, something Brooks knows a lot about. His credit union made about 360 mortgages, most of which were done without face-to-face meetings with applicants. Showing credit unions how they can use technology to lower their operating expenses, particularly in the low rate environment that Brooks believes will be around for a while, presents an exciting challenge, he said. After being at Lafayette for 16 years, Brooks said, “If I didn’t make the move now, I’d be locked in.” At 50, which he hit almost three years ago, Brooks outlined for himself everything he wanted to do with his life, one of which was to do things that interested him and not necessarily for the money. Still he said that leaving Lafayette would be difficult since much of his staff has been there since he started. He also plans to volunteer at two faith-based credit unions in Baltimore and Alexandria. Lafayette’s board is going through the job search process and expects to name a new CEO by year-end. Once he leaves the credit union he will have to resign his seat on NAFCU’s Board. The board can then appoint someone to finish out his term, at which point an election for the seat would be held.

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