RANCHO CUCAMONGA, Calif. — In the fiercely competitive financial marketplace, credit unions may not only need protection from unsolicited takeovers from other credit unions, but also banks and other nontraditional competitors, said Bill Cheney, president/CEO of the California and Nevada Credit Union Leagues.
"NCUA addressed the immediate issue as it relates to Wings but it's important for NCUA to consider a rule-making process to address not just takeovers among us but from non-credit union entities," Cheney said.
Cheney said throughout the six-week ordeal between Wings Financial FCU and Continental FCU, "without fail," all of the California and Nevada league members were "unanimously in support" of Continental and its board. Cheney said the league worked closely with CUNA and NCUA on the merger matter, but just as some have expressed, stronger protections are needed.
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"More needs to be done," Cheney said. "Certainly, cooperation is the hallmark of the credit union movement. We always felt it was inappropriate for a credit union to go around a board and communicate to members and we had concerns about the [$200 payments]."
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