Nine credit unions, including six with less than $50 million in assets, have joined the Cornerstone Credit Union League in Farmers Branch, Texas so far this year.
The nation's largest league, which serves credit unions in Arkansas, Oklahoma and Texas, recently welcomed the $1.7 million Gilt Edge Employees Federal Credit Union based in Norman, Okla.
"As a small credit union, it is becoming increasingly difficult for us to keep up with the growing regulatory burdens," Twila Rogers, president/CEO for Gilt Edge Employees FCU, said in a statement. "The Cornerstone Credit Union League has the resources we need to help us stay on top of these compliance challenges."
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Shirley L. Hensley, president/CEO of the $4.2 million B.P.S. Federal Credit Union in Beeville, Texas, told CU Times her credit union re-affiliated with the Cornerstone league, in part, because the dues were very reasonable.
As B.P.S. FCU's president/CEO since 1968, Hensley recalled the credit union disaffiliated from the Texas Credit Union League many years ago because the dues were too high.
Like Gilt Edge Employees FCU, Hensley expects to receive assistance from the Cornerstone league to help the cooperative comply with BSA rules and other regulations.
"I just really felt like [joining the league] could possibly be good for us and in some ways it is," Hensley said.
Frank A. Frazzitta (pictured above), who became president/CEO of the $28 million City Federal Credit Union earlier this year, said joining the Cornerstone league gave him access to regulatory, peer and what he called "special small credit union resources" that he needs to run the Amarillo, Texas-based cooperative.
"For example, I embarked upon a loan participation program and they helped me with my accounting upfront, they gave me some advice and references of other people who are also doing those types of things," Frazzitta told CU Times. "I found that to be invaluable as I implemented some of these strategies."
Other credit unions with less than $50 million in assets that joined the Cornerstone league were the $1.8 million My Choice Federal Credit Union in Tulsa, Okla., the $6.8 million Teachers Federal Credit Union in Oklahoma City, and the $4.3 million U.P. Employees Federal Credit Union in North Little Rock, Ark.
The Cornerstone league has also attracted larger asset cooperatives including the $132 million Government Employees Federal Credit Union in Austin, Texas, the $945 million Firstmark Credit Union in San Antonio and the $1.8 billion JSC Federal Credit Union in Houston.
"The number of new affiliations or re-affiliations in 2015 is a reflection of the commitment made by Cornerstone to provide a thorough and comprehensive suite of services to the credit unions we serve," Mike Delker, Cornerstone league's senior vice president of credit union relations, said in a statement. "As Cornerstone staff, we work diligently each day to ensure the current and future success of credit unions, working to meet the many and varied needs of the credit unions in the Cornerstone region, and I think these efforts resonate with the credit unions."
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
