Mid-Atlantic Looks Toward a Go-it-Alone Corporate Stance
The $3 billion Mid-Atlantic Corporate Federal Credit Union, long ranked among the healthiest, made clear this week it remains on its own in serving its credit union base and is apparently not joining any CUSO consortium.
In a statement which made no direct mention of a CUSO plan unveiled last weekend by the Association of Corporate Credit Unions, Jay Murray, the Mid-Atlantic president/CEO, stressed his corporate supports the "cooperative efforts" of peers as the industry shifts toward a so-called system wide solution.
The statement also suggested, however, the Middletown, Pa. corporate has no immediate interest in linking up with the ACCU venture whose funding and timetable details remain sketchy.
Any such consortium efforts, Murray said, must "make sense" in line with Mid-Atlantic's approach spelled out a year ago to "work independently to find the best service solutions for our members as we began to move away from U.S. Central."
In the meantime, "we'll watch developments at the national level," he added.
"We already have a plan in place that enables us to continue providing members with the payment systems they need," Murray said. "In fact, other corporates have reached out to us about providing assistance with their back-office needs."
Murray's release did not identify any of those corporates, many of which have--along with third party providers--have been jockeying for market share in the new corporate landscape triggered by NCUA's Sept. 24 seizure of three corporates and new rulemaking on bridge corporates.
The Mid-Atlantic go-it-alone stance was reportedly spelled out in letters sent to its members representing Eastern seaboard CUs.