TAMPA, Fla. — Tom Dorety, CEO of the $5.8-billion Suncoast Schools FCU in Tampa, Fla., and a member of the CUNA board, is hopeful there will be more choices regarding capital in credit unions' future.
"My belief is in having as many options as possible, and it is ridiculous to limit ourselves to anything," said Dorety, emphasizing he was speaking on his own behalf and not that of CUNA. "But in the interest of getting something done immediately we agreed to narrow to member only. We are still waiting on the NAFCU board, and we are not getting anything from them. It's incredibly frustrating. Everyone has agreed and now we are waiting on wordsmithing or whatever they are planning on doing."
Frank Berrish, CEO of the $2.3-billion Visions FCU in Endicott, N.Y., and a member of the NAFCU board, pointed to what he feels is a roadblock to seeking capital sources outside of members. "Whatever you put together you have to go to Congress and pass a bill. If you open it up past member-only capital, then you are changing the concept of a credit union, the control of the credit union, and the neutrality of members. I think CUNA's and NAFCU's concern is that we continue to be a mutual organization run by members. So you have to be careful that you don't destroy the principle of credit unions, our tax-exempt status, and the way Congress sees us."
