Corporate credit unions

Jay Murray has spent 30 years with the corporate credit union but plans to leave in June to spend more time with family.

About 2,000 credit unions will receive a disbursement in connection with the failure of three corporates during the financial crisis, but the agency indicated nearly $2 billion in additional payments could be coming.

The new initiative is aimed at boosting credit union innovation through investments in fintech and other areas.

Credit unions' credit and debit card portfolios could see a surge this week as the online retailer offers two days of deals, while the industry's regulator is set for a cybersecurity update.

A site run by Keith Leggett, a former American Bankers Association senior economist, was frequently critical of credit unions and called for parity among federal regulators.

Many in the industry support the National Credit Union Administration’s attempts to streamline regulations governing corporate credit unions, but critics claimed some elements could make it tougher to compete with fintechs.

In spite of the pandemic, the Columbus, Ohio-based corporate credit union was able to return the funds to some owners on the strength of strong earnings through the firs two quarters.

A recent blog post argues that the industry must get ready for the possibility of the Federal Reserve lowering rates below zero.

Nearly 900 institutions are set to receive a payout related to the demise of Southwest Corporate FCU, but the agency could ultimately return as much as $2.5 billion tied to the corporate credit union failures of 2009 and 2010.

Three corporate credit unions serving more than 70% of the industry have banded together for a new effort following Catalyst Corporate's purchase of Aptys Solutions in late May.