Organizers drawn from a range of corporate credit unions who had been working on forming a new payments corporate out of services presently offered by US Central Bridge today announced they had decided to give up the effort.
"We had always said we needed a viable business model and the math just wasn't working," said Brandt Peterson, executive vice president at Westminster, Colo-based SunCorp, who has functioned as a spokesperson for the ad hoc group. "The volumes we forecast just were not large enough to take the next step. We did not envision winning NCUA approval for a charter."
Peterson stressed that no interruption in services to natural person credit unions is anticipated. "Our decision should have no impact on the credit union industry."
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