Citing lobbying tactics, governance and other policy issues, the $1.6 billion Texas Dow Employees Credit Union has quit CUNA and the Texas Credit Union League.
In a letter to CUNA's leadership, the president/CEO of TDECU, Ed Speed, explained the CU's disaffiliation stemmed from differences on a variety of concerns, but card reform, bankruptcy, a lack of volunteer governance and small vs. large CUs were key areas.
In the two-page Jan. 27 letter, Speed listed reasons for leaving CUNA as vendor domination of association meetings "matched by a continuing decline in substantive educational content," divergence of interest between large and small credit unions, difference of opinion on legislative and regulatory advocacy issues, and continued alignment with for-profit financial services industry advocates on issues like bankruptcy and credit card reform.
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