Mid-Atlantic Corporate CEO Jay Murray (center) stated, “What does not change is the cooperative model. We are a credit union’s credit union.” Corporate One CEO Lee Butke (left) and Corporate Central CU CEO Bob Fouch (right) joined Murray on the Reality Check panel covering corporates.

For those who thought there might be wiggle room in the NCUA’s willingness to tolerate a merger of Tier 1 corporates, unambiguous words came from Scott Hunt, director of the NCUA office of corporate credit unions, at a panel discussion about the future of corporates at the New Jersey Credit Union League’s Reality Check conference in Atlantic City, N.J.

Talk about a reality check. Under persistent questioning, Hunt said, “To allow a Tier 1 merger to happen we would run afoul of our duties. Our board has categorically said no. We would in effect be building the biggest competitor within the corporate system and we will not do that.”

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