Credit Unions and Leagues Cautiously Ponder Alternatives to Corporates
The decision-making process began in earnest last week among credit union managers and the leaders of state leagues on the next step in dealing with possible alternate vendors for wholesale services as a result of the corporate seizures.
The problem and the concerns appeared most intense in states where the three corporates are domiciled: Hartford, Conn., Chicago-New York and Dallas.
"That is now off the table for now with the conservatorship," he said, adding that the conservatorship brings an air of uncertainty to New Jersey CUs.
Meanwhile, the Credit Union Association of New York, like its California counterpart, said it was forming a task force to assess future needs and options regarding corporate credit union services in light of the changes to the corporate credit union system.