New CEO of new corporate credit union cites challenges, commitments, progress.
Matt Davidson, executive vice president of Kern Schools FCU, to step into new role.
The NCUA on Saturday said that Western Bridge Corporate Federal Credit Union has been formally liquidated.
The wind down of U.S. Central Bridge Federal Credit Union’s payment services “has progressed more smoothly than originally anticipated”, the NCUA said in a recent letter to credit unions.
Agency says ACH to transition completely by Sept. 30 with complete shutdown now expected on or about Oct. 31 instead of Dec. 31.
The email from the NCUA to current Western Bridge members summed it up. “The National Credit Union Administration Board awarded Catalyst Corporate Federal Credit Union (Catalyst) the exclusive right to acquire Western Bridge Corporate Federal Credit Union (Western Bridge).”
NCUA awards Texas-based corporate "exclusive right to acquire" remains of WesCorp.
"We are helping credit unions to survive during tough times," said Amy Rapp, a senior manager at Western Bridge Corporate Federal Credit Union.
Credit unions may soon have another alternative for their payment system processing through a new CUSO scheduled for launch by the corporate credit union network.