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. Last week, NAR announced that Realtors FCU board of directors had named acting CEO Jane Pannier as Glatt's permanent replacement, and that Chief Information Officer Jesse Boyer had been named chief operating officer, a position formerly held by Alistair Harper. According to its most recent financial report to the National Credit Union Admi...
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