NOTRE DAME, Ind.–Eleven credit unions that serve members of the Catholic Church in the U.S. have formed a new collaborative association, Catholic Credit Unions of America (CCUA).
Members of the new CCUA will collaborate in practical ways to support each other in the execution of their individual missions, according to a statement from the organization. The CCUA said its member institutions will share best practices in all areas of credit union operations including retail and institutional lending, new product design, marketing, compliance, technology, canon law and issues relating to the Catholic mission. The CCUA will also work together to assist each other in financing Catholic‐oriented projects as they arise.
"For the first time, Catholic credit unions have a mechanism to combine their lending capacities to help finance Catholic projects of nearly any size, in any diocese, nationwide," said Tom Gryp, Notre Dame Federal Credit Union president/CEO and one of the 11 founding members. "This is a game changer. Catholic dioceses, parishes and schools will now have more attractive alternatives available when financing their projects. That should translate into meaningful savings for them."
Alliance Catholic Credit Union President/CEO Rob Grech agreed. "Each Catholic credit union in CCUA is already individually strong. The potential synergies now available through CCUA will make us even more robust and financially relevant in the lives of Catholic communities across the country."
There are nearly 100 credit unions in the U.S. with some form of Catholic affinity, totaling over $3.6 billion in combined assets. The CCUA's founding group of 11 credit unions represents approximately $1.9 billion, or more than half of that total.
The founding credit unions include:
- Alliance Catholic Credit Union, Southfield, MI
- Catholic Family Credit Union, Kansas City, MO
- Catholic Family Federal Credit Union, Wichita, KS
- Catholic Federal Credit Union, Saginaw, MI
- Minnesota Catholic Credit Union, Little Canada, MN
- Notre Dame Federal Credit Union, Notre Dame, IN
- Oceanside Christopher Federal Credit Union, Oceanside, NY
- Ohio Catholic Federal Credit Union, Garfield Heights, OH
- Parish Federal Credit Union, Toledo, OH
- St. Coleman and Affiliates Federal Credit Union, Cleveland, OH
- Unity Catholic Federal Credit Union, Parma, OH