Dennis Fisher, president/CEO of the $7 million First Security Credit Union in Lincolnwood, Ill., told CU Times that CUNA, the state leagues and regulators are ignoring the loss of small credit unions.
"If small credit unions go the way of the dinosaur, if this trend continues they will, without any help from the national organizations or the state leagues or a collaborative effort with the NCUA and the regulators and guess what? The credit union movement loses its effectiveness," Fisher said.
"I was shocked to learn that Illinois lost 200 credit unions in the last 10 years. We're in the top 5% and most of those are small credit unions. What's being done to stop the attrition of small credit unions? The credit union movement is foolish for giving risk-based capital this big attention and small credit unions are dying and they continue to let them die without making it a big deal and helping them out," he added.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
