WASHINGTON — Mike Canning has resigned as executive director of the Association of Corporate Credit Unions.

CUNA General Counsel and Executive Vice President Eric Richard will fill in as interim executive director during the search for Canning's replacement. Canning succeeded Gigi Hyland, now on the NCUA Board, in late 2002. He brought with him an association background. He served as founding executive director for Americans for Consumer Education and Competition. Under Canning, the ACCU expanded to three employees and added a Compliance Clearinghouse that has been embraced by the corporates. ACCU Chairman and WesCorp CEO Bob Siravo described Canning's departure as "an amicable situation." Siravo said the association is looking for a successor who will continue to represent corporates with state and federal regulators as well as CUNA, NAFCU and NASCUS. The ACCU is run under a management agreement with CUNA, but maintains a separate budget. The corporates approved a 33% dues increase last year, giving it an $800,000 2006 budget, to help pay for the Compliance Clearinghouse and other initiatives.

The ACCU is in the midst of a major initiative to get corporates under a risk-based capital system. Siravo said this move would not hurt that push.