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News Now

CU System
Five New Orleans CEOs share views on reg reform
NEW ORLEANS (7/23/09)--Five credit union CEOs from the New Orleans area weighed in on regulatory reform in New Orleans CityBusiness (July 20). Each CEO provided a one-sentence description of how reg reform would impact credit unions. Michelle Duhe, CEO of $87.1 million asset Shell New Orleans FCU, said the credit union industry is largely untouched by the reforms because the National Credit Union Administration (NCUA) remains an independent entity. However, credit unions likely would feel some impact with the creation of the Consumer Financial Protection Agency. Christopher Maurer, CEO of $21 million asset UNO FCU, New Orleans, noted that many of the reforms have minimal impact on credit unions. "As member-owned cooperative institutions, credit unions adhere to high standards that often don't exist at other financial institutions whose primary concern is increasing the wealth of a few large stockholders." Mark Rosa, CEO of Jefferson Financial CU, a $155 million asset credit union in Metairie, explained that the proposed financial reforms will have less of an impact on credit unions if they can keep NCUA as regulator. Janet Sanders, president/CEO of the $98 million asset Greater New Orleans FCU, Metairie, said the biggest effect would be "the increase in regulations and compliance requirements. These new regulations will require additional time and resources but will only strengthen the already successful cooperative model of credit unions." Mignhon Tourne, president/CEO of $270 million asset ASI FCU, Harahan, said the Credit Card Reform Act potentially will have little impact on credit unions because credit unions have "not participated in deceptive credit card marketing practices…We see increased consumer reform as a real credit union opportunity for industry differentiation."


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