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Corporate Realignment Task Force meets with Corporate CUs
ONTARIO, Calif. (11/12/10)--The Corporate Realignment Task Force (CRTF), which consists of 12 credit union leaders from eight western states, recently met with leaders of bridge (conserved) and non-conserved corporate credit unions. CRTF is actively engaged in identifying options that meet the tests of CRTF's Guiding Principles in continuing those services credit unions have been accustomed to receiving from corporate credit unions. CRFT’s guiding principles are: the need for an enduring system solution; the need for aggregation to achieve sufficient transaction volumes; and the need for a universal solution that will accommodate the needs of all types and sizes of credit unions, said the California and Nevada Credit Union Leagues. States represented in the task force are California, Nevada, Hawaii, Idaho, Oregon, Washington, Arizona and Utah. The CRTF has recently met with leaders of large and complex corporates, mid-size and full-service corporates, and smaller, less-complex corporate credit unions. All have described their challenges in addressing changing requirements for corporate credit unions, and all have confirmed their willingness to participate in a consolidated system solution. “We appreciate the candid discussions the task force has had with key leaders in the corporate credit union system and are confident that solutions are emerging that will meet the task force's objectives of system solution, aggregation, and universal solution,” CRTF Chairman Jeff York said. “We believe the interests of credit unions will be well-served and that these solutions will be widely supported.” The task force has nearly concluded its “information-gathering” phase regarding options for structure and service, and will meet soon to agree on recommendations and an action plan to achieve the objectives. “There is adequate time to create and assemble the appropriate solutions, and to provide for an orderly transition, and credit unions will have the necessary time to review and understand these solutions,” York said. The Credit Union National Association (CUNA) Saturday will bring together several credit union stakeholders in an attempt to develop a system-wide plan for the future of corporate credit unions (News Now Nov. 8). The summit, which will take place in Chicago, will be strictly about dialogue, and will not attempt to “force outcomes,” CUNA Vice President of Communications Pat Keefe said. The summit will attempt to address the future role of corporate credit unions in providing key payments, settlement, liquidity, and investment advisory services to natural person credit unions. For more information, use the links.
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