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News Now

CU System
States form corporate CU task forces
ALBANY, N.Y. and ONTARIO, Calif. (9/28/10)--Credit union leagues and associations from several states have formed separate corporate task forces following the National Credit Union Administration’s (NCUA) announcement Friday of corporate rule changes and conservatorship of three corporate credit unions. The board of directors of the Credit Union Association of New York authorized the formation of a task force Monday to assist the New York credit union community in assessing future needs and options regarding corporate credit union services. The move was made after NCUA’s recent conservatorship of Members United, Southwest and Constitution Corporate FCUs and dramatic changes to the corporate credit union system. Corporate credit union services include: settlement, receipt and exception processing, brokerage and advisory services, lending and investments. The task force comprises credit union leaders representing various credit union asset sizes statewide. Staff support for the task force will be provided by the association. “The task force will seek options and solutions that best harness the power of cooperation and unity that continue to be the cornerstone of the credit union movement,” said William J. Mellin, association president/CEO. Also, a group of Western-state credit unions have formed the Corporate Realignment Task Force, a volunteer group dedicated to determining what related services credit unions need and will support, and creating a sound, cooperative system to provide those essential continuing services. The task force defines the services as including: item processing, payment system and settlement services, short-term liquidity associated with the settlement process, and possibly investment advice and other related permissible services. “It’s clear that credit unions need and will support continuing item processing and payment system/settlement services, and a cost-effective, collaborative system to do that would be best--aggregation and economies of scale are essential,” said Task Force Chairman Jeff York, CEO of CoastHills FCU, Lompoc, Calif. “Credit union leaders need a system they will have confidence in, and that's what the task force intends to create, with involvement and input from the credit union community,” York added. “The good news is that there is no need to rush to judgment--changes in the corporate system will occur over the next couple of years, so there is time to plan this out and transition to a new system in a timely and logical way. We intend to keep credit unions involved and informed, and expect to have a detailed plan outlined by year-end.” Initial staff support for the Western states’ task force is provided by California and Nevada Credit Union Leagues’ staff. Richard M. Johnson, retired CEO of WesCorp, San Dimas, Calif., is a consultant. The task force also intends to make use of professional staff currently at WesCorp as organizational efforts proceed.


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