"We're getting our tails kicked by cost of funding."
–America's Community Bankers Chairman Mark Macomber, president/CEO of Litchfield Bancorp, said in discussing margin compression among the community banks. "In 1970, our challenges were simply to provide small loans to our members. Now the challenges revolve around the Patriot Act, BSA compliance and the increased threat of fraud and identity theft. We also have to concern ourselves with the increased costs of implementing new technologies."
–Bethex FCU CEO Joy Cousminer told a House Appropriations Subcommittee on how funding from the Community Development Financial Institutions Fund has helped her credit union continue to serve its members despite the increased competing costs. "We're extremely blessed."
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