In what was billed at the nation's largest league collaboration, the League of Southeastern Credit Unions & Affiliates and the New York Credit Union Association said Monday they have amicably agreed to suspend their partnership.
LSCU and NYCUA had signed a letter of intent in October 2015 to form a jointly owned subsidiary, League Consolidated Services, to combine the leagues' back office functions and other operations that were not state specific.
The leagues had set a goal to open the new subsidiary by Jan. 1, 2017 that would have established the nation's largest league collaborative structure, which would have included more than 650 credit unions in Florida, Alabama and New York that manage more than $142 billion in assets and serve approximately 12 million members.
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