YAKIMA, Wash. — Like credit union CEOs everywhere, Paul Regimbal of Catholic CU, expressed dismay at the NCUA's corporate rescue package and assessment plan calling the events surrounding U.S. Central assistance "a black eye for the industry after so much good has been done."
"Here we try to run a conservative shop and now we have things that are out of our control," lamented Regimbal who joined by other Washington State CUs were briefed on the fast-moving developments during conference calls and e-mails conducted by CUNA and the Washington Credit Union League.
Regimbal, who heads up a $170 million south central Washington State CU, said it certainly is "bad timing" for CUs which within the week were mentioned on NBC's 'Today" show as a safe haven for consumers "and now we have this."
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Another CEO, Marylin Ball-Brown of the $25 million Generations CU of Olympia, said she also was disturbed by events and worried over the sharp capital impact of the assessment on small CUs like hers.
"We're hearing about options and now we'll just have to wait and see what happens," said Ball-Brown.
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