If the roughly 73,000 members of Technology Credit Union, a $1.5 billion institution headquartered in San Jose, Calif., vote to convert to a mutual bank charter, they will likely find their increased expenses not restricted to taxes alone, according to CUNA Chief Economist Bill Hampel.
Members would lose access to network if conversion to bank goes through.
In a move which some have seen looming for years, CO-OP Financial Services and Financial Services Centers Corp. have signed a letter of intent to merge their shared branching operations.
Combination would create a single nationwide shared branching network for U.S. credit unions.
With much more at stake, it is no surprise that credit union service organizations are sounding the alarm louder than credit unions regarding an NCUA proposal that would alter how CUSO relationships are regulated.
The nation's two nationwide shared branching networks took large strides into member service and mobile banking with two announcements at CUNA's Governmental Affairs Conference last week.
A new partnership between Financial Service Centers Cooperative Inc and a leading online foreign exchange company now allows participating CUs to offer their members foreign exchange.
Financial Service Centers Cooperative added a second location in Southern California's high desert region, deploying a Vcom terminal July 26 in an Apple Valley, Calif. 7-Eleven store.
The Financial Service Centers Cooperative has replaced four previously shared branching outlets with a shared branch and kiosks housed in other spaces.
Dave Serlo, longtime CEO of PSCU Financial Services and the CUSO's first employee, passed away from the complications of cancer on June 25. He was 63.