ALEXANDRIA, Va.–Doug Wadsworth, CEO of the $73.8-million Tri-Cities Community Credit Union in Kennewick, Wash. and author of a highly read recent op-ed on the CU Daily titled “The NCUA Cannot Help You—So Don’t Ask,” will meet with NCUA’s chairman today at the agency’s headquarters.
The meeting with Chairman Kyle Hauptman was requested by Wadsworth, who is also the organizer of a group called “Endangered Credit Union Defense” (ECUD), which is designed to not just defend smaller CUs, but “also the smaller communities they serve.”
The CU Daily had coverage of the ECUD initiative here.
In that reporting, Wadsworth said, “The number of small credit unions decreases every year, and some estimate they will be extinct within a decade. Why are they struggling? In addition to increasing competitive pressure from large expanding institutions, it’s due to an increasing regulatory compliance burden, and regulations designed for large complex institutions, which are irrelevant (but very costly) for small institutions. When small credit unions are gone, the negative impact on their small communities will be significant…”
Reason for Reques
Wadsworth, who will be traveling across the country for the meeting, told the CU Daily, “My purpose in requesting the interview with the chairman is to share some ways the NCUA can help small credit unions survive and thrive – through targeted priorities for regulatory relief. Large trade/advocacy organizations generally seem to overlook the unique needs of small credit unions (only focusing on advocacy that helps the giant ones keep bigger).”
Wadsworth said he will be meeting with Hauptman on behalf of approximately a dozen other small credit unions in Washington and Oregon that are members of ECUD.
Chairman Often Meets With CUs
In a statement to the CU Daily, NCUA said, “Chairman Hauptman often meets with credit unions and several happen to be in town (this) week. Chairman Hauptman will meet with other credit unions (this) week as well.”
One Response
Congratulations on continuing to champion the small credit union difference. Unfortunately, our trade association system—funded by dues tied to asset size—has become a bit lopsided in its priorities. Yet it’s worth remembering: there are still more than 3,000 small credit unions compared to fewer than 500 over a billion. Their voice and impact matter.