For what seems like an eternity, credit unions had been used to working with an insurance broker model that some in the industry said prevented more revenue from flowing their way.
The boards of the $3.5 billion Kinecta FCU and $1.2 billion NuVision FCU have announced their intent to merge.
National Community Reinvestment Coalition President/CEO John Taylor told lawmakers today that credit unions "have not served minority and working communities in a satisfactory manner."
Nearly eight years after the $851 million Arrowhead Credit Union bought a firm to bring a plethora of insurance services to its membership, it recently announced that losses and lackluster profits led to the cooperative selling the subsidiary.
Once majority-owned by CUNA Mutual Group, the acquisition of CUMIS Group Ltd. was completed on Dec. 31, the company's buyers Canada-based Central 1 Credit Union and Co-Operators Life Insurance Co. said.
The acquisition of the CUMIS Group Limited, once majority-owned by CUNA Mutual Group, was completed on Dec. 31, the company's buyers Canada-based Central 1 Credit Union and Co-Operators Life Insurance Co. said.