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Wescom Credit Union is a credit union and financial services company serving California. It has $6 billion in assets and more than 200,000 members. [1] It currently has 25 branches, both stand-alone offices and branches inside of grocery stores, as well as a CUSO called Wescom Resources Group headquartered in Pasadena, California that provides ...
A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. [1] Credit unions in the United States may either be chartered by the federal government [2] or a state government. [3] The National Credit Union ...
Wescom Resources Group ( WRG) is a wholly owned subsidiary of Wescom Credit Union that operates as a credit union service organization (CUSO) headquartered in Pasadena, California, providing technology products and services to credit unions in the United States. WRG primarily delivers its services from its Operations Center located in Anaheim, California.
The Federal Deposit Insurance Corporation federally insures most traditional banks in case of failure. But credit unions are not considered traditional banks. Is a credit union FDIC insured?
Sacramento Credit Union. SAFE Credit Union. San Diego County Credit Union. Santa Clara County Federal Credit Union. SchoolsFirst Federal Credit Union. SkyOne Federal Credit Union. Southland Credit Union.
Due to their small size and limited exposure to mortgage securitizations, credit unions weathered the financial crisis of 2008 reasonably well. However, two of the biggest corporate credit unions in the United States ( U.S. Central Credit Union and WesCorp) with combined assets of more than $57 billion were taken over by the National Credit Union Administration [9] on March 20, 2009.
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Credit unions are not-for-profit financial cooperatives. In the early stages of development of a nation's financial system, unserved and underserved populations had to rely on risky and expensive informal financial services from sources like money lenders, ROSCAs and saving at home. Credit unions proved they could meet demand for financial ...