 | Stan Cowan
has worked in the financial industry for over eight years and is currently VP of marketing for Boeing Wichita Credit Union. His education includes a BBA and MBA from Wichita State University. He also teaches part-time for the Wichita branch of Baker University. Stan can be reached at (316) 651-5169 or scowan@bwcu.org |
Banking & Finance
2003-10-01 09:00:00
What are corporate credit unions?
ANSWER: Yes, and some similarities! Both serve their 'members' and each 'member' is an owner of the credit union. We already discussed what consumer credit unions look like in other Q&A's, so here's a brief definition of what a corporate credit union is. A corporate credit union exists to provide financial services to other consumer credit unions. There are many things that go on behind the scenes at credit unions for which they need assistance from corporate credit unions. They range from Account Reconciliation, Security Services (brokerage), Financial Products (investments, liquidity management) and Correspondent Services (check collection, settlement services, wire transfers and corporate cash.) Locally in Kansas, ours is called the Kansas Corporate Credit Union, located right here in Wichita, KS and was founded in 1951. Just like regular credit unions, corporate credit unions also have a volunteer board of directors and committees. They share the same core values as consumer credit unions, providing exceptional service to its members.
