BrokerageIndustry News

Changes at the top for NAR credit union

Startup remains in red nearly 2 years after launch
Published on Aug 30, 2010

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by CareyBot

Nearly two years after launch, the National Association of Realtors' "virtual credit union" has enticed less than 1 percent of NAR members to join and continues to operate at a loss, financial reports submitted to the credit union's federal regulator show.

Although Realtors Federal Credit Union is classified as "well capitalized," the credit union has a new management team in place who must boost membership or cut costs in order to get the startup venture in the black.

NAR announced founding President and CEO Tom Glatt was stepping down on July 30, attributing his departure to Glatt's wife landing a job in New Jersey.

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