Sale Will Facilitate Corporate Resolution
ALEXANDRIA, Va. (December 15, 2011) – The National Credit Union Administration (NCUA) has chosen CO-OP Financial Services, based in Rancho Cucamonga, California, to pursue the acquisition of the online and mobile bill payment services of Corporate Network eCom, LLC, a subsidiary of U.S. Central Bridge Corporate Federal Credit Union.
NCUA selected CO-OP as a result of a competitive bidding process for U.S. Central Bridge operations conducted in October. CO-OP is a cooperative of more than 3,000 credit unions across the country.
“Today’s action is another important step toward the goal of winding down U.S. Central Bridge,” said NCUA Board Chairman Debbie Matz. “In implementing the corporate resolution plan, NCUA has successfully continued payment services to consumer credit unions without interruption, and managed to the lowest possible long-term cost. The selection of CO-OP is also consistent with our preference, wherever feasible, to find solutions within the credit unions system. This deal achieves all of these objectives.”
NCUA anticipates that the transition of eCom’s online and mobile bill pay clients to CO-OP should occur seamlessly, as the transaction requires no change in the processing platform. NCUA expects to finalize the sale of eCom’s services to CO-OP within 90 days.
Going forward, CO-OP will communicate directly with eCom’s clients about the transition process.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than
98 million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.