U.S. Central Credit Union
Encyclopedia
U.S. Central Federal Credit Union is the largest corporate credit union
in the United States. Unlike consumer driven credit unions (referred to as "natural person" credit unions in the industry), U.S. Central provides its services only to other corporate credit unions, in effect acting as the "corporate credit union's credit union". The organization was founded in 1974.
U.S. Central does not serve consumers directly, a role fulfilled by consumer credit unions, it was instead established to serve the credit union industry by providing opportunities for investments through government approved instruments and providing liquidity (credit) needs to regional and state corporate credit unions which need them. U.S. Central also provides other industry standard services such as payment systems, Electronic Funds Transfer
Services and item processing. The organization also provides economic services and forecasts specific to the credit union industry. Many of its operations and services parallel that of a central bank
, except it serves corporate credit unions rather than commercial banks.
U.S. Central Federal Credit Union is located in Lenexa, Kansas
.
In January 2009, the National Credit Union Administration
injected $1 billion into U.S. Central. On March 20, 2009, NCUA placed U.S. Central Credit Union into conservatorship
.
Corporate Credit Union
A corporate credit union, also known as a central credit union, provides services to natural person credit unions. In the credit union industry, they are sometimes referred to as "the credit union’s credit union"...
in the United States. Unlike consumer driven credit unions (referred to as "natural person" credit unions in the industry), U.S. Central provides its services only to other corporate credit unions, in effect acting as the "corporate credit union's credit union". The organization was founded in 1974.
U.S. Central does not serve consumers directly, a role fulfilled by consumer credit unions, it was instead established to serve the credit union industry by providing opportunities for investments through government approved instruments and providing liquidity (credit) needs to regional and state corporate credit unions which need them. U.S. Central also provides other industry standard services such as payment systems, Electronic Funds Transfer
Electronic funds transfer
Electronic funds transfer is the electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems....
Services and item processing. The organization also provides economic services and forecasts specific to the credit union industry. Many of its operations and services parallel that of a central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
, except it serves corporate credit unions rather than commercial banks.
U.S. Central Federal Credit Union is located in Lenexa, Kansas
Lenexa, Kansas
Lenexa is a city in the central part of Johnson County, located in northeast Kansas, in the central United States of America. As of the 2010 census, the city population was 48,190. As a satellite city of Kansas City, Kansas, Lenexa is included in the Kansas City Metropolitan Area...
.
In January 2009, the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
injected $1 billion into U.S. Central. On March 20, 2009, NCUA placed U.S. Central Credit Union into conservatorship
Conservatorship
Conservatorship is a legal concept in the United States of America, where an entity or organization is subjected to the legal control of an external entity or organization, known as a conservator. Conservatorship is established either by court order or via a statutory or regulatory authority...
.