Go big or go home. Those five words outline exactly what is happening with the proposed merger of $1.8 billion Warrenville, Ill.-based Alloya with $1.5 billion Southfield. Mich.-based CenCorp. It’s a marriage of corporate credit unions that, if approved by CenCorp members and regulators, will produce an entity with assets...
Proposed corporate merger would produce one of the nation's largest remaining corporate credit unions. Find out more in this preview from next week's print edition.
Former lobbyist Marvin Umholtz said credit unions shouldn’t fear the new Friends of Traditional Banking PAC, saying it will function “more like a scalpel than a battle axe.”
Come 2030, credit unions will be in business serving up some kind of financial services, essentially one generation removed from today. However, getting there will be as wrenching—as full of dislocations and pains—as was the shift from 1950s-style credit unions with no share drafts into today’s full-service financial supermarkets.
In this print preview from next week's edition, experts look at what the industry may look like a generation from now.
In an era of participatory politicking when Facebook, Twitter and other digital tools can turn any citizen into a lobbyist, have traditional trade associations entered their twilight years?
Ask Michael Bittle, CEO of the Vanderbilt University Credit Union, where his $25 million Nashville, Tenn.-based institution would be without its corporate credit union and he softly chuckles.
Now there are two large credit unions, the $1.8 billion HarborOne Credit Union of Brockton, Mass., and the $1.5 billion Technology CU of San Jose, Calif., making plans to convert to mutual bank charters.
One conversion specialist said he sees more ready to make the switch.
Many worried credit union eyes now are on July 1, the date when the NCUA has said it will bump up ACH fees for U.S. Central Bridge customers by 80%. That looming price hike has triggered a quick rush to the exits as corporates and their members race for alternatives.