ARLINGTION, Va.-NAFCU has named Mike Lussier chairman of its new corporate task force, formed in response to an NCUA plan to assess natural-person credit unions to help recapitalize U.S. Central Credit Union.
Lussier, president of Webster First FCU in Webster, Mass., has invited 13 members of the credit union community to join the task force. NAFCU President Fred Becker said "everyone who has responded so far has accepted."
Challenges Facing The Team
Becker understands the challenges facing the team. "I have given a lot of thought over the past year about the corporate network and its strengths and weaknesses, and how it ought to be structured in the future," he said. "And I have not been able to come up with any firm answer that says this is the way it ought to be. There are various models that work, which is the whole reason we formed the task force."
The task force will be "diverse," Becker explained, choosing not to disclose names until the group is finalized. "I think we needed to touch every base," the CEO said, describing those invited to participate as coming from natural person CUs, a volunteer, an individual who has previously headed a corporate, and those "who are not invested in the corporate system at all."
Becker added that NAFCU will also seek input from its committees and outside organizations, such as the Association of Corporate Credit Unions. He did not rule out working with CUNA's similar corporate task force, saying, "I would suggest that the two task forces might speak with each other."
Listening To Credit Unions
Becker said NAFCU will be listening to credit unions. "We want to hear from our members and how this situation impacts them," he said. "We have a very diverse membership and the corporates impact them differently. I will say those credit unions that are very large could exist without the corporate network, there's no secret about that. At the same time a large portion of the industry - I would say most - still need the corporate network and relies on them heavily."
Credit unions have until April 6 to respond to NCUA's Advanced Notice of Proposed Rulemaking on its corporate plan.
