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.
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