Should CUs Trust Their Corporates?
Should natural person credit unions continue to support corporate credit unions? A better question may be: can credit unions trust corporate credit unions to operate in their best interest? If the answer is yes, than I believe credit unions should support corporate credit unions. All cooperative organizations, not just corporate credit unions, should constantly ask this question - are they trustworthy?
Corporate credit unions have a lot of trust that will need to be rebuilt. If you can't trust your corporate management team or board - fire them! But, I don't think we should be too quick to give up on the cooperative corporate structure. I think it has a lot of value, just like the natural person credit union structure has a lot of value.
If we look for the beauty in the cooperative structure for both corporate and natural person credit unions, I don't think we will be quick to walk away from either.
Sam Whitehurst, CEO
Summit CU, Greensboro, N.C.
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