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News Now

CU System
Mid-Atlantic Corporate Were ahead of the game
MIDDLETOWN, Pa. (11/24/10)--A letter from Mid-Atlantic Corporate FCU to its membership says it is "ahead of the game" in relation to changes occurring on the corporate credit union landscape. Mid-Atlantic President/CEO Jay Murray wrote in the letter sent to members last week than the corporate took a "proactive approach a year ago," by working independently to find the best service solutions for its members, according to an article in the New Jersey Credit Union League's newsletter (The Daily Exchange Nov. 23. "Today, we're ahead of the game with a plan in place that enables us to continue providing our members with the payment systems they need," Murray wrote on behalf of the Middletown, Pa.-based corporate. The letter noted that Mid-Atlantic is closely monitoring corporate stabilization developments at the national level and supports "cooperative efforts where they make sense," adding, "we are well-positioned to help our members succeed in the future." It also emphasized that the corporate:
* Remains fiscally sound and strong and is moving forward with its capitalization and membership plan, independent of other corporate actions; * Will not use members' capital investments in the corporate if the creation of a new payment-system credit union service organization proceeds; and * Operates independently from the U.S. Central Bridge Corporate for payment services. The corporate provides its own automated clearinghouse and bill payment programs and is in the process of moving automated settlements and international wires away from the bridge corporate's program.


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