A New York group is organizing to protect future growth and assist managers on compliance and balance sheet worries for continued viability of faith-based credit unions.

The heightened attention on bolstering faith-based CUs was triggered in part by the sudden May 17 collapse of the tiny Convent FCU, a Baptist-run CU in New York City. The CU was conserved by the NCUA.

Leading the organizing effort is Joy Cousminer, CEO of the $14 million Bethex FCU of the Bronx who has been conferring with her New York peers for weeks to charter the 30-member We Care group, dedicated to finding ways to assist faith-based CUs, some of them ailing because of a dropoff in church support, succession dilemmas or financial issues.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 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.