First Corporate Credit Union President/CEO Pete Pritts said his members' reactions to the U.S. Central/WesCorp conservatorships have been a "full range of emotions, from anger, fear, and disappointment, to the desire to rally and fight together and come out strong on the other end."
There isn't a clear majority of opinion among the $709 million corporates' members. Only one member credit union has asked to explore options that challenge the NCUA's actions, he said.
"I think the most consistent feeling is that they took the first hit with U.S. Central, and now they're taking another hit, and the thing everybody is realizing is that not only did they have capital risk at First Corp, but their capital is also at risk when another corporate is taken under conservatorship," he said.
Pritts said he worries the way corporates have aimed to deliver turnkey service to members might make it difficult for members to craft their ANPR comments.
"Congratulations to us if we made it seem like magic, all that automated settlement, the delivery mechanisms of the corporate network," Pritts said. "But shame on us for not making sure our members knew what went on behind the scenes."
To credit unions writing comments, he cautioned, "just make sure you completely understand what you think you like about your corporate and what you think you don't."
© 2025 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.
