Regulator: reform falls short of fixing smaller credit unions

The restructuring of the country’s nearly 380 credit unions has fallen short of what is necessary to make them viable entities, according to the credit unions regulator.

Anne Marie McKiernan said many credit unions had not engaged with the government-established Credit Union Restructuring Board, ReBo, set up to bail them out. She said she was concerned about the operations of many smaller credit unions, including how they protect members’ funds.

McKiernan said that ...