Bank Linkup in Iowa
With its corporate planning a wind down in 2011, Iowa credit unions took the first step last week in confronting the fallout from NCUA's corporate restructuring by signing a preliminary processing pact with the National Cooperative Bank of Washington.
The proposed linkup with the co-op bank, spurred by leadership of the Iowa Credit Union League and a servicing affiliate, has been on the drawing boards for months but still underscored the industry angst about how exactly to deal with provider services in the wake of the Sept. 24 restructuring.
Sara Flynn, the CEO of Iowa Corporate, said the corporate "is excited to work with NCB, an organization that holds many current relationships with the credit union industry and shares our mission and values of providing cooperative solutions."
Although Iowa Corporate, she said, "has the highest capital ratio of any corporate, due to our small size, we felt it necessary to explore alternative ways of continuing to meet the needs of our members."