The modern CU movement takes shape
In 1970, the U.S. federal government established the National Credit Union Administration to charter and oversee federal credit unions. In that same year, Congress established the National Credit Union Share Insurance Fund to insure credit union deposits. Credit unions’ rapid growth outside the U.S. prompted the establishment of the World Council of Credit Unions.
This era also saw the birth of corporate credit unions. Until this time, credit unions requiring extra liquidity could turn only to other credit unions for funds, with lending efforts coordinated by the League’s member-support consultants.
Despite national economic woes, such as inflation, recession and high interest rates, the credit union movement grew in the 1980s. In response, the Association focused on expanding member services and concentrating on strategic business partnerships. The League Marketing Group, renamed CUC Services in 1986, developed a division to manage credit unions’ credit card business. The following year, the Association combined funds with CUC Services and Empire Corporate to found CUC Mortgage Corporation, now known as OwnersChoice Funding.
The NCUA board of directors yesterday approved folding the Temporary Corporate Stabilization Fund in to the Share Insurance Fund, and raising the normal operating level to 1.39 percent – The Point
The New York Credit Union Foundation, in conjugation with CUAid and the National Credit Union Foundation, is accepting disaster relief donations for credit union staff and volunteers affected by Hurricane Maria in Puerto Rico – The Point
A difference in security standards could mean third-party vendors are at an increased risk for data breaches – CU Times
The part of the Republican tax reform package that would end state and local tax deductions is a non-starter for New York lawmakers from both parties – Times Union
Demand for cash in hurricane-ravaged Puerto Rico is “extraordinarily high” after power outages knocked out electronic transactions and ATMs – Reuters
The economy grew by 3.1 percent, according to the final second quarter reading, but will likely be overshadowed by significant storm-related distortions in the third quarter – Bloomberg
The state Department of Financial Services has reportedly subpoenaed Equifax in the wake of its massive data breach – CUinfoSecurity