CUDA a spent penny ?

CUDA a Spent Penny

CUDA’s membership has collapsed from 20 to 10 credit unions. Once heralded as a new beginning, it seems it is now bordering on spent penny status. http://www.cuda.ie/index.html

When established in 2003 it comprised some of the states largest credit unions. By late 2005 Bishopstown, Tralee, Athenry and Lisduggan had left and its CEO had returned to his credit union.

In 2006 under new CEO leadership, CUDA it seems had begun to deliver on its promise with its publication of the “A Call to Action” report, involvement in O’Toole Savings Protection Bill and participation in resolving the thorny lending limits and investment issues.

It was short lived. In early 2007 some of its credit unions refused to fund CUDA’s operations. Its CEO subsequently resigned followed by resignations of members of its management committee and a third of its member credit unions. Some have since re-engaged with the ILCU and some others remain independent of any trade body.

CUDA subsequently re-employed its first CEO in September 2007 who has since announced his departure,to become manager of Dundalk credit union, one of its remaining credit unions.

Today CUDA’s voice has it seems been silenced. Some say it hardly qualifies as a national trade body and is merely a flag of convenience for a disparate few who have little in common save a collective dissaffection with the ILCU. The ILCU is seems is now moving to expel credit unions some of whom are probably members of CUDA - which may lead to more leaving CUDA to re-engage with the ILCU.

Instead of leading the rejuvenation of credit unions for the 21st century, CUDA appears to have become another example of a credit unionist pathology that rejects change in favour of maintaining the way things are.