Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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."

RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach
17 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine:
18 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs.
19 hours ago
Children in foster care face higher risk of identity theft via @NBCNews
19 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank
20 hours ago