HALES CORNER, Wis. – The $1.5 billion Corporate Central CU is providing special assistance to its member credit unions that are designated as low-income by NCUA. The assistance is to help newly chartered credit unions with the low-income designation to offer their members services they otherwise might not as new credit unions. The credit unions will receive their first $500 of services free from Corporate Central each month. Corporate Central said hopefully this will help these CUs add such services as member checking, member wire transfers/CMOs, and cash delivery and depository services. "We've had a policy similar to this for a couple years, but it's been more focused on community development credit unions," said Marc Schroeder, president/CEO of Corporate Central CU. Schroeder said from time to time the corporate gets requests from CDCUs and low-income CUs for a non-member deposit, which these CUs are able to accept. Schroeder said the corporate is instead choosing to go the route of the $500 subsidy to encourage the CUs to expand services. The low-income CU must be less than two-years old to participate.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.