"There's a lot of opportunities there, but there's also a lot of thought and processes in how you get there. Working together is a nice concept, but like marriage it's the details that kill you." – NACUSO General Counsel Guy Messick explained collaborative CUSOs to attendees at NACUSO's Directors Conference and said forming one was like dating, marriage and divorce. "We want an institution that is beholden to us. Banks like big depositors. The average medical assistant, technician maintenance worker or teacher doesn't have that kind of bank account that would give us the votes to control our own institution." – Michael Johnston, teacher in Grand Rapids, Michigan, on why he is not interested in the kind of voting the $1.1 billion Lake Michigan Credit Union has said it would implement should it become a mutual bank. The credit union has said its bank depositors will have one vote for every $100 in deposits up to 1,000 votes should it become a bank. "We don't expect any activity in this legislative season, but we think the process of education will reflect our efforts." -Community Bank (Pa.) CEO Eddie Dunklebarger, chairman of the Pennsylvania Bankers Association Credit Union Strategies Task Force, on bankers' efforts to curb credit union expansion.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.