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Oh, What a Tangled Web CUs and Regulators Weave

Credit union executives are in this hurry up and wait mode when it comes to corporate services. Credit unions are being encouraged not to bail out of their corporates, even the NCUA-created bridges over troubled waters,

By Sarah Snell Cooke | Updated on October 19, 2010

Credit union executives are in this hurry up and wait mode when it comes to corporate services. Credit unions are being encouraged not to bail out of their corporates, even the NCUA-created bridges over troubled waters, yet they have to be ready to leave when the time is right. Jump too soon and the legacy asset plan crumbles into the murky waters; not prepared when the time comes and your CU could be up a creek without a paddle.

What I’m surprised about is the timidity of many of those vendors that could replace corporate services. Significant changes to the corporate credit union system have been a fait accompli for at least 18 months. Credit unions and others have been wondering and waiting what they’re going to do next. Some moved away from corporates early, while others simply made just-in-case plans. When we wrote about potential corporate credit union alternatives, some were very touchy about it. Symitar was compelled to write a letter to the editor clarifying what we already written they weren’t going after corporate clients. We quoted the company’s spokesman saying that.

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