NAFCU provides Mnuchin with insights into CU-bank mergers
NAFCU President and CEO Dan Berger, in a letter to Treasury Secretary Steven Mnuchin, provided additional insights into recent credit union-bank mergers. Lawmakers raised the issue to Mnuchin while he testified before Congress last week; however, Mnuchin noted that these mergers are small scale and not currently a concern for the Treasury.
"The mergers in question are voluntary, market-based transactions and the community banks' board of directors are voting to sell to credit unions as the best option available for consumers," Berger said, echoing comments from NCUA Chairman Rodney Hood in congressional testimony.
Berger highlighted that nine credit union-bank mergers have received final approval this year. While it is an increase of the decade average of three per year, "these mergers are certainly not occurring at an 'alarming rate' and credit unions are not on a 'buying spree,' as some have suggested," Berger wrote.
"In the current phase of financial institution consolidation, there are instances where banks, who answer to shareholders, are unable to remain economically viable," he wrote. "In order to avoid a bank failure, a merger with a credit union can ensure financial services continue for an established consumer base. If a merger with a credit union can avoid a banking desert, or continue to serve an underserved market, then consumers are better off."
Berger also flagged that credit union-bank mergers are significantly smaller than the recent mergers between banks. For example, the BB&T Corp. and SunTrust Bank merger – finalized last week – created the sixth largest retail bank in the country, with $435 billion in assets. Credit unions are also leading banks when it comes to diversity and inclusion efforts, as well as satisfaction among consumers, Berger added.
Read Berger's full letter. NAFCU will continue to set the record straight on credit union-bank mergers and share the credit union difference, which is demonstrated by their support of communities and the economy as a whole.
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Add to Calendar 2020-03-10 14:00:00 2020-03-10 14:00:00 Onboarding Millennials and Gen Z Employees The millennial and Gen Z work style is very different from previous generations. This means your approach to onboarding and managing them will need to change to keep up with the times. The key to improving employee retention among millennial’s and Gen Z’s is to fully incorporate them into your workplace. During this webinar, we’ll discuss the latest trends and best practices for onboarding this age group. Participants will also gain a better understanding of millennials and Gen Z’s and review a sample Onboard Activities Sheet. Key Takeaways Identify and analyze potential “pitfalls” between the generations Anticipate the potential weakness of traditional Onboarding techniques Develop a Team Approach to Onboarding Receive a Sample Onboarding Schedule Evaluate Potential Onboarding Activities Understand the needs of Millennial’s and Gen Z’s Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until March 10, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? Human Resources staff Staff Training titles Chief Operating Officers Branch Managers Non-Board Supervisor Titles Supervisors of Staff Education Credits CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Education Manager, NAFCU Learning Objectives: Identify and analyze potential "pitfalls" between the generations. Anticipate the potential weakness of traditional onboarding techniques. Develop a Team Approach to Onboarding. Receive a Sample Onboarding Schedule. Evaluate Potential Onboarding Activities. Understand the needs of Millennial's and Gen Z's. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Personnel/HR – Non-Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
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