I experienced a transition of a state credit union in Missouri to a federal credit union, noting that two state CUs merged into the federal one. They question whether this is a new trend and who benefits, expressing concern that it contradicts the administration’s stated goal of empowering states as per the Constitution.
Possibly scales of efficiency, wider member base, the CU they merged into takes over the regulatory and paperwork requirements, etc. Can’t speak to whether FCU oversight is more or less onerous than state oversight in Missouri.
I think federal CUs vs state CUs would offer better benefits, such as CD interest rates, and other rates.
Unlike banks, I have not been concerned when my Credit Union went through mergers.
The original base was Tektronics employees, then it joined with the HP Credit Union (later called Addison Ave).
Currently named First Tech FCU and just now approved to bring in Dec Computer Credit Union.
It appears they also are affiliated with many other company’s which may allow their employees to join. They include such Select Employer Groups, such as HP Inc., Hewlett Packard Enterprise, Microsoft, Agilent, Intel, Cisco, Amazon, Nike, Intuit, Google and more.
I think the combined union will be about 1/7th of Navy Federal Credit Union (but without all that water 