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Our industry is at a crossroads and is facing more challenges than I’ve seen in my 25 years of working with credit unions. I have spent decades advising over 500 of the top credit unions in the nation and speaking with industry leaders, and the confusion and concern I hear now is palpable. The Federal Reserve’s proposal to cap interchange fees looms large and the very survival of many credit unions may be threatened. Although only three credit unions fall directly under the scope of the rule, the fallout is expected to have industrywide impact. In this challenging economy, seized corporates and the $9 billion corporate assessments not only squeeze already tight margins, but also force credit unions to change longstanding practices and relationships and consider alternative vendors to provide wholesale services. Credit union leaders are under pressure to deliver the true value of a credit union to your members. The good news is that our industry is full of great leaders, and in difficult times those great leaders will take decisive action to keep their credit unions strong.
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