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Federation expands consulting tech assistance for CDCUs
NEW YORK (6/30/10)--Responding to stress in the credit union community and the growing opportunities to access federal resources, the National Federation of Community Development Credit Unions has announced an expansion of its consulting and technical assistance services for community development credit unions (CDCUs). “There is growing alarm among small credit unions that the expenses for corporate stabilization and the Share Insurance Fund will increase pressure to merge or liquidate them,” said federation President/CEO Cliff Rosenthal. “Even small credit unions that are well-capitalized and present minimal risk to the fund are running scared. “To address this, the federation will be supporting several initiatives, including the ‘We Care’ program spearheaded by Joy Cousminer of Bethex FCU and our Spirit Network of faith-based credit unions, as a way to proactively reach out to some of our smallest CDCUs,” he added. Also, Brian Gately, formerly director of technical assistance, will serve as the federation’s senior consultant for small and emerging credit unions, leveraging his experience to help small credit unions meet their regulatory and compliance requirements. Terry Ratigan will continue as lead consultant for the federation’s CU Breakthrough service, which has worked to get a record number of credit unions certified as community development financial institutions and designated low-income. Both credentials are necessary for various federal resources, Ratigan explained. “We’re expanding CU Breakthrough to meet the growing demand for expertise in reaching underserved markets,” Rosenthal said. “Credit unions have never received enough recognition and resources for their work to serve the underserved. We aim to change that.”
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