Sale of 'SimpliCD' Program Is Finalized

The deal to transfer ownership of SimpliCD from a CUSO owned by Corporate One Federal Credit Union to a new CUSO owned jointly by 28 of the nation's 31 corporates, has been completed. SimpliCD, a brokered certificate of deposit program, was previously offered to credit unions through Corporate One and a participating group of corporate co-agents. Under the new ownership agreement, SimpliCD, which currently has $3.3-billion in oustandings, will be offered nationwide by 29 corporate credit unions, with Corporate One continuing to administer the program for at least three years. In other news associated with the sale, Corporate Exchange has changed its name to Primary Financial Company LLC. Primary Financial Co., the name of the CUSO formerly owned by Corporate One, will be the working name for the new CUSO going forward.