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There may be no more contentious question in the typically placid world of credit unions than this: How many corporate credit unions are needed to keep the system smoothly functioning? And that leads to the allied question: Do we need any corporates at all?

The second question is the easier to answer. “There is a lot of anxiety around the question of corporates,” said Fred Becker, CEO of NAFCU, who insisted it is crucial for natural person credit unions to at least contemplate how they could get their business done without making any use of corporates. “Can you do what you need without them? Can you work with the Federal Home Loan Banks and the Federal Reserve?”

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