Forty years ago, credit unions created something that actually turned out to be a miracle: the corporate credit union system.
Of course, they didn't know it would be a miracle in the beginning. They created something out of nothing ever seen before in the financial history of our country–a wholesale financial entity created for service, not for profit. The leagues and CUNA were the prime movers of this initial effort. Without them, it might never have happened.
In the early '70s, virtually every CU in the nation had a bank account. The banks gave reasonable service and earned significant profits from this arrangement. When credit unions needed to borrow, they borrowed from a bank or savings and loan. When they had money to invest, they most often invested it with a bank or S&L.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
