A decade of collaboration.
Credit unions have faced many challenges since their beginning in 1844, and those challenges continued after Congress passed the Federal Credit Union Act in 1934. That's why credit unions have long realized they're stronger through collaboration – and they should view other credit unions as their allies, not their competition.
Based on a longstanding tradition of credit union collaboration, we formed MEMBERS Development Company, Inc. in 2000. Our goal was – and still is – providing credit unions a unified approach that enables them affordable access to the research, development and delivery of superior, high-value member products and services. We also address current issues impacting credit unions today, such as the slow economic recovery, regulatory and legislative changes, and increased competition.
To create MDC, leaders from within the credit union ranks worked with CUNA Mutual Group. Together, they formed a unique, jointly owned, and credit union-controlled venture, which pools our industry's resources and talents to better serve members and enhance the movement's potential for success.
Now that MDC has reached maturity, we operate independently from CUNA Mutual Group, although three members of CMG's senior executive team still serve on our board. This arrangement provides the best of both worlds: the ability to function solely for the benefit of credit unions and their members while being able to leverage CMG's strength and presence in the marketplace.