On this episode of "Shared Accounts With CU Times," Louisiana Corporate Credit Union (LaCorp) President/CEO David Savoie joins us to discuss a few of the shortcomings he's been observing in the credit union merger approval process.
Drawing upon over 25 years of experience as CEO of LaCorp, as well as a past career as an NCUA examiner, Savoie shares why credit union leaders should be questioning certain practices that have become more common during merger transitions. These include a lack of transparency as credit unions communicate the benefits of an impending merger to members, and even denying members the opportunity to vote on whether they approve of a proposed merger.
Savoie also talks about how he came to lead a corporate credit union after years with the NCUA; his decades of service with the U.S. Navy, including his time spent at Guantanamo Bay; what makes a successful credit union merger; and what he'd change about the NCUA's corporate credit union regulations if given the chance.
With credit union mergers continuing at a steady pace, this episode spotlights an important conversation that everyone in the industry should be having. Take a listen!
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