HALES CORNER, Wis. - The $1.5 billion Corporate Central CU is providing special assistance to its member credit unions that are designated as low-income by NCUA. The assistance is to help newly chartered credit unions with the low-income designation to offer their members services they otherwise might not as new credit unions. The credit unions will receive their first $500 of services free from Corporate Central each month. Corporate Central said hopefully this will help these CUs add such services as member checking, member wire transfers/CMOs, and cash delivery and depository services. "We've had a policy similar to this for a couple years, but it's been more focused on community development credit unions," said Marc Schroeder, president/CEO of Corporate Central CU. Schroeder said from time to time the corporate gets requests from CDCUs and low-income CUs for a non-member deposit, which these CUs are able to accept. Schroeder said the corporate is instead choosing to go the route of the $500 subsidy to encourage the CUs to expand services. The low-income CU must be less than two-years old to participate.
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From the November-12, 2003 issue of Credit Union Times Magazine • Subscribe!
Corporate Central CU to Assist Low-Income CUs
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