COMPASS 4 CUs, the Woodbridge, Va.-based credit union service organization (CUSO) that specializes in regulatory compliance, said effective May 1, ownership of the CUSO was transferred from Belvoir Federal Credit Union to Pentagon Federal Credit Union (PenFed) in connection with the merger of those two credit unions.
The change in ownership arose strictly from the merger, a spokeswoman from COMPASS told Credit Union Journal.
Gaye DeCesare, the president and CEO of COMPASS, said in a statement that despite the change in ownership, the CUSO is maintaining a "business as usual" focus.
"Our current and future clients can expect the same high quality, customized compliance services that we've been providing for the last five and a half years," DeCesare said. "We look forward to being a part of the PenFed family and the opportunities this change presents."
As reported, Alexandria, Va.-based PenFed, with nearly $20 billion in assets and more than 1.4 million members, merged with the Woodbridge-based Belvoir FCU, which has $320 million in assets and more than 26,000 members.
COMPASS now serves 25 clients, comprising some $10.5 billion in member assets
