Search
 

CFPB Overreach Collides With Rural New Mexico

The agency's regulations are interfering with credit unions' 'people helping people' philosophy.

By Paul Stull | Updated on April 21, 2017

If you need an outstanding example of what it means to be a credit union, look no further than Chacon, N.M. This little rural town, where livestock outnumber people, is not easy to locate. My recent travels there were not guided by GPS, but by advice to “take the right fork off the highway, go seven miles back toward the mountain and look for the green and white building.”

Visitors to the Tilford Memorial Mission School, long retired from educational service, on a particular Sunday in March will meet the members of the Rincones Presbyterian Credit Union who are holding their annual meeting. These strong and proud folk, some of whom drove 50 miles to attend, know the power of neighbor helping neighbor. They know who is ailing, who needs help and completely understand the concept of pooling their savings to benefit each other through credit union loans. While the credit union may be small (numbering just 756 members), they are a shining example of what it means to be a financial cooperative.

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:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 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.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.