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In a merger underscoring compliance concerns of small credit unions, the $312 million Connexus Credit Union of Wausau, Wis., said it expects to complete the consolidation of the $3 million Wausau City Employees CU by June 1. The merger proposal was formally approved by WCECU members at its annual meeting last Thursday.

Though talks to complete the merger have been underway since December, the burden of complying with sometimes complex rules on Regulation E (courtesy pay), from the Office of Foreign Asset Control and Regulation Z has played a role in the merger, said David Christenson, Connexus president/CEO.

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Peter Westerman

 

Credit Union Times

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