NEW YORK-Saying it was responding to the "extreme stress in the credit union community on the one hand, and the growing opportunities to access federal resources on the other," the National Federation of Community Development Credit Unions (Federation) is expanding its consulting and technical assistance services.
"There is growing alarm among small credit unions that the expenses for corporate stabilization and the Share Insurance Fund will increase pressure to merge or liquidate them," said Federation President/CEO Cliff Rosenthal. "Even small credit unions that are well-capitalized and present minimal risk to the Fund are running scared. To address this, the Federation will be supporting several initiatives, including the 'We Care' program spearheaded by Joy Cousminer of Bethex FCU, and our Spirit Network of faith-based credit unions, as a way to proactively reach out to some of our smallest CDCUs."
