ALBANY, N.Y. — Credit union leaders are widely known for their open dialogues, but should those forums get lost, it may open the door for more "unsolicited" merger attempts.
That's according to William Mellin, president/CEO of the New York State Credit Union League, Inc. Mellin said he commends NCUA in its decision to act on the $200 payments Wings Financial Federal Credit Union was offering to Continental Federal Credit Union's members. Beyond the unprecedented merger attempt, Mellin hopes CEOs and boards will maintain the open rapport the industry is known for.
"Credit union leaders always get together to talk about what's working and what's not working," Mellin said. "We have an open environment and our environment is what separates us from banks. If we lose that, then we start worrying about a credit union doing a hostile takeover of another credit union."
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Mellin said having those dialogues is closely tied to what is in the best interest of the members.
"We need to focus on members as owners and ensure that we're protecting that," Mellin said.
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