As the birth of a new corporate credit union model emerges, the CUSOs owned by the three corporates that were recently placed under the NCUA's regulatory purview are reassuring their clients that service will remain in place for at least the next few years.
Constitution Corporate FCU, Members United Corporate FCU, and Southwest Corporate FCU were placed in conservatorship Sept. 24 by the NCUA. All were deemed undercapitalized, the agency said. The move makes way for the regulator's final corporate credit union rule.
Meanwhile, it is business as usual for the corporates' CUSOs, said John McKechnie, NCUA director of public and congressional affairs.
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