CO-OP Positions Itself For Post-Corporate Industry
While affirming its confidence in corporate credit unions, CO-OP Financial Services yesterday also made it clear that it was willing to offer its services to help CUs move to alternate payment processors.
On the one hand, Stan Hollen, CEO of CO-OP Financial Services, said that CO-OP had worked with corporate credit for years and that "we reaffirm our confidence in the corporate system and believe it is still valid and valuable to the movement."
He also said CO-OP "will continue to pursue an active role in the future of credit union payments, and we will seek partnerships to fulfill that goal with corporate credit unions and the natural-person credit unions that comprise their owner-members."
But Hollen also said that CO-OP "is keenly interested in playing a lead role in the transition of bridge corporate payments-related activities to other credit union industry providers."
Several state credit union leagues have launched task forces and committees to investigate how best to provide services previously provided by corporate credit unions from other providers if necessary.