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.
LT to replace ACH services now coming from U.S. Central Bridge.
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.
St. Louis operation joins exodus from U.S. Central Bridge.
Mark the calendar: The NCUA aims to turn off the lights at the conserved U.S. Central Bridge no later than Dec. 31, 2012, and now it has announced the specifics of its plan.
With the release to memos from the NCUA and U.S. Central, corporates are getting a better idea of how the corporates' corporate will wind down, and they're ready.
Next step may be to bring in vendors.
The three corporate credit unions placed into conservatorship Sept. 24 bring the total of seized corporates to five. Operations will continue at all five corporates.
Credit Union League of Connecticut President/CEO Tony Emerson didn't have much to say about NCUA's decision to not grant Constitution Corporate FCU a bridge charter.
This week, small corporate credit unions whose business models have historically depended upon U.S. Central FCU meet to hear from new providers.