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Washington
Corporate America buys Constitution Corporates CUSO
ALEXANDRIA, Va. (11/23/10)--Corporate America CU has purchased Constitution Corporate FCU’s credit union service organization, known as Smart Source Solutions, the National Credit Union Administration (NCUA) reported on Monday. Corporate America’s purchase and assumption order was accepted by the NCUA, and that corporate credit union will take control of Smart Source by the end of this month. In a release, the NCUA said that Corporate America’s proposal was accepted following a bidding process in which both credit union and non-credit union entities were involved. The NCUA added that it selected Corporate America’s bid “after determining it offered the best solution for customers of Smart Source Solutions and was in the best interest of the National Credit Union Share Insurance Fund.” The NCUA late last week announced that Constitution Corporate would be liquidated on Nov. 30. The NCUA took control of the mortgage-backed securities on Constitution's balance sheet to facilitate the securitization of those assets. The payment processing systems and members of Constitution Corporate are in the process of being transferred to Members United Bridge Corporate FCU, a bridge corporate created when Members United Corporate FCU was liquidated. Bridge corporates also formed around the liquidations of U.S. Central FCU, Western Corporate FCU, and Southwest Corporate FCU.


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