LAS VEGAS — WesCorp's CEO said NCUA's release of its proposed new rules for corporates means credit unions will have the opportunity for a "fresh start"-and he asked CUs to stick with the his corporate, which has been operating under federal conservatorship since early 2009.
"I understand the damage WesCorp has done to your credit unions, but I appreciate your willingness to work with us," Phil Perkins said at the California and Nevada CU Leagues' Annual Meeting here, one day before NCUA was scheduled to unveil its proposed rules. "Credit unions will have the opportunity for a fresh start with corporates. What do you want it [the corporate network] to look like?"
Perkins, who was brought in by NCUA following the ouster of previous management, acknowledged there are many questions natural-person CUs have regarding the future of corporates, including oversight, transparency and trust. He acknowledged the events of 2009 will cause or is causing many of WesCorp's members to reconsider their relationship, both as an owner and a consumer. "This will be one of the most important decisions, so take the time to make an informed decision," he urged the audience. "A historic vote is coming up, with a chance to reshape and reform the corporate network. We must study the problems, analyze quickly, and move forward. Do you want us back? Not all will agree, but with or without WesCorp, let's move on. Kill it or support it, then get back to the business of serving members." Separately, Perkins announced that for the next six months WesCorp will not charge member CUs to perform an investment analysis.
