A group of up to 16 corporate credit union members of U.S.Central Bridge have joined together to attempt to purchase CUInvestment Solutions Inc.

CU Investment Solutions is a standalone CUSO wholly owned byU.S. Central and based in Lenexa, Kan., that provides back officebrokerage services as well as ALM reporting, said Larry Eisenhauer,CEO of Kansas Corporate Credit Union and a leader in thiseffort.

“The infrastructure is in place with ISI. We believe it isworthwhile to retain ISI for corporates who are presently usingit,” said Eisenhauer.

As for the takeover effort, the corporates presently have theblessing of NCUA to circulate a plan for buying ISI.

In another effort, a group of U.S. Central corporate members areattempting to put together an effort to buy a range of paymentsservices out of the bridge that in turn will be used as the basisfor forming a new payments-focused corporate.

In an email, David Small, an NCUA spokesperson, indicated thatthe regulator expects this process of selling off portions of U.S.Central to reach a conclusion by October.

“NCUA's expectations are that the transition from bridge to newentities will occur by October 2011,” Small wrote.

Small continued: “Both actions are in concert with the agency'spreference for a member driven solution to preserve coreservices. At this time, the agency has only permitted theplans to be shared with members. NCUA has not granted finalapproval.”

Eisenhauer said, “Over the next couple months we will seemovement forward - or we won’t.”