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Pot Credit Union's Operation Plans Take a Hit

TFCCU CEO Deirdra O'Gorman says many have misunderstood her credit union's business plan.

By Elizabeth Peace | Updated on August 07, 2015

Credit unions have historically been disruptors, and have made it their goal to serve the underserved, according to Deirdra O’Gorman, president/CEO of The Fourth Corner Credit Union. It’s ingrained in their history, and is part of what makes them so unique and valuable, she said.

That’s why she was shocked when the NCUA sent her and the TFCCU board a letter in July explaining that the credit union was being denied federal share deposit insurance. That letter was followed by one from the Federal Reserve Bank of Kansas City, which denied the state chartered credit union a master account.

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O’Gorman has a history of helping people in the financial industry, and she’s no stranger to regulation of both banks and credit unions. She previously served as the market president for the First National Bank of Colorado, and as the senior vice president and regional sales manager for Liberty Savings Bank of Colorado. After that, she worked as vice president of customer relationship management at Bellco Credit Union, and later became a consultant for the newly-founded TFCCU, and was named the cooperative’s top executive in February.

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