ATLANTIC CITY, N.J. – Corporate One CEO Lee Butke and Mid-Atlantic CEO Jay Murray took heated questions from the floor at the New Jersey Credit Union League's Annual Conference here.
Just over a week after the NCUA unleashed its corporate Black Friday, these two corporate executive took the stage along with CUNA CEO Bill Cheney to answer questions from NJCUL President/CEO Paul Gentile and the audience on the future of the system. Several ideas were bounced around from whether the corporates should be collaborating more or even whittling down to one as was the original idea to the use of alternatives.
One thing was very clear to all: the credit unions are in control of the eventual resolution. A healthy resolution or consolidation "is only going to work if that's what the members of that corporate want it to be," Murray said. He commented that the corporates got away from their cooperative roots and that is what will bring the industry back together. He likened the corporate CU wind down to Jenga because if member credit unions begin an exodus before the NCUA's two-year plan can be executed, it will lead to greater losses.
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