Pass-Through Corporates Audition US Central Alternatives
Corporate credit unions that have historically depended upon U.S. Central FCU for products and services will meet in Las Vegas next week to consider pitches from new providers.
The so-called "pass-through" corporates form a loose association that includes the $830 million First Corporate CU, the $147 million Louisiana Corporate CU, the $280 million Kansas Corporate CU, the $576 million Missouri Corporate CU, the $812 million TriCorp FCU, the $221 million West Virginia Corporate FCU, the $444 million Kentucky Corporate FCU and the $376 million Treasure State Corporate CU.
Event planner Jim Thompson, president and CEO of Kentucky Corporate, said he's lined up 11 vendors to make presentations at the Rio Hotel Sept. 20-23. Investment and ALM providers will speak the first two days, with operational services presenting later in the week. Vendors include both credit union industry firms and those from outside the industry, he said.
Although each corporate is free to make its own decision regarding service providers, Thompson said the group will also flex its combined resources and ask for group pricing in some cases.
Thompson said the meeting has been in the works for a while, but it took time to coordinate the eight-member groups' schedules. However, he said he feels comfortable with the group's progress toward replacing U.S. Central services, as NCUA's proposed corporate rules provide a 12-month compliance window to do so.