The regulatory pileup and heavy compliance burden is triggering a fresh look at mergers among small and medium-size credit unions, said the CEO of a Texas credit union that plans to be consolidated into Texas Dow Employees CU.
Speaking out as his struggling $60 million Pasadena, Texas CU agrees to a merger plan. Courtland Crochet, head of San Jacinto Area CU, said he was surprised at how many of his peers have put merger consideration on a front burner, something that was not the case four to five years ago.
"I think credit union boards and managers are simply more receptive today to the idea that larger organizations have the strength and ability to compete more successfully in this economy," Crochet said of the decision a year ago by the San Jacinto board to opt for a merger.
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