This is in response to the letter to the editor titled "Questioning Cost of Small Credit Union Initiatives" (CU Times, April 16, 2014).
The original philosophy of the credit union foundation is "People Helping People". Credit unions exist to bring people together in a cooperative effort so their members can receive low-cost, high-quality financial services, no matter their personal resources.
It is crucial for the NCUA through its Office of Small Credit Union Initiatives to help credit unions, due to the increasing regulations that are being placed on all financial institutions. Without the NCUA's assistance, some small credit unions may find it difficult to keep up with compliance changes or even keep the doors open, not to mention keeping up with the ever-changing technology environment.
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Let's not forget that it is the cooperative spirit of all credit unions, small to large, that is footing the bill to bail the credit union industry out of its financial woes.
I believe to assist smaller credit unions would be a continuation of that credit union cooperative spirit, to hopefully enable them to continue serving their members as they were designed to do.
Bob Hagood President Mid-Tex Federal Credit Union Brownwood, Texas© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
