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Terrific article! The nature of the Corporates and US Central has been a little muddy to me. This help a lot.
A conclusion to this fine article might be, the corporates, led by USCentral and the ACCU should take charge of their future and the future needs of their member/owners. Instead of taking the "head in the sand" approach of hanging on as long as we can, the corporates should relook at a study as to what their member/owners will need for the future. Oganizations (someone said) do not plan to fail, they fail to plan. If the corporate staffs, USC and ACCU fail to step up to the plate on this issue, The credit union leadership should take on the project. The corporate system has become too valuable; too much of an integral part of the backroom of credit unions to flounder or face the probablity that some of the corporates will fail and question the reputation of this proud system.
I am interested in finding out about the different corporates. We always "shop" for the "best buy" and I am interested in finding what the different corporates have to offer. Pam Tucker, CCUE VP Finance Perfect Circle Credit Union email@example.com
If the ROA for the corporate network was 23 bps and the third tier (U.S Central) was taking 17 bps, doesn't this mean that the third tier was more efficient than the rest of the network? I think the consolidation that has been occurring in the middle tier in recent years is reflective of where the inefficiencies truly exist. Many advocate a competitive system in which natural-person credit unions can "shop" between different corporate credit unions. Why not allow us to utilize the services of U.S. Central? I want to utilize the most efficient provider of financial services. Why am I prevented from doing so?
You focus most of your comments on whether we can remove US Central from the three tiered system. If we could get politics out of the discussion, wouldn't make more sence to take the corportes out of the three tiered system, make them branches (or contact centers) of US Central and preserve the central point of coordination. This way you would loose some of the 25 bp the corportes take and continue to allow US Central to take advantage of the economies of scale. There would still be competition from other investment cos. and large corporates who choose to stay independent. I think this is a better way to serve CUs and allocate the resources.
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