Florida Baptist Credit Union President/CEO Leonard Murray said compliance costs for his small, $24 million credit union led to its merger agreement with the $718 million First Florida Credit Union.
As he prepared for an annual meeting with board members and the credit union's members Thursday, Murray said his credit union's challenges persisted as the institution continued to rebound after the financial crisis.
"When you have six people and you are splitting responsibilities, it's hard to stay on top of serving members and taking care of all the safety and soundness," Murray said in an interview with CU Times. "And on top of that, [you have to] deal with the immense amount of regulations, which continue to expand."
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