Corporate credit unions are totally owned and directed by their member credit unions. Profit is not the driving force; rather, corporate credit unions exist solely for the benefit of their member credit unions -- a pivotal difference from other financial service providers.

Early on, credit unions placed utmost importance on making loans to their members that needed credit. As the credit union movement grew, alternative ideas to meet the liquidity needs of credit unions began to take shape. By the 1930s, central credit unions -- or credit unions for credit unions -- developed in several regions. Corporate credit unions evolved from those institutions and became the source of low-cost liquidity for credit unions. Also, with deregulation of the financial services industry in the early 1980s, corporate credit unions eliminated credit union reliance on banks and other vendors by providing products and services designed to meet the needs and safety standards of credit unions.

Southwest Corporate FCU's history began in 1975 with a promise to address the needs of credit unions. In less than three years, Southwest Corporate attracted more than a thousand members. New programs such as share certificates, money market certificates, credit card settlements and security safekeeping were introduced. 

In 1980, Southwest Corporate met the criteria of a "banker's bank" and the standards of the NCUA board, thus allowing approval by the Federal Reserves' Board of Governors as a pass-through correspondent for credit unions. By 1981, Southwest Corporate had topped the $100 million mark in assets. It asked members what they needed and responded with a Corporate Share Draft program and longer-termed certificates.

The continued introduction of new services - such as a Funds Transfer System, which provided an economical and efficient way for credit unions to transfer funds from bank accounts to Southwest Corporate - caused assets to top $500 million in 1982. Southwest Corporate announced a plan with Western Union in 1983 for a new automated funds transfer program. Southwest Corporate was the country's only financial institution to offer the service, utilizing Western Union's national network of agents.

By the mid-80s, the technology age was beginning to emerge. Southwest Corporate introduced Credit Union Financial System (CUFS) to provide online access to account information in an increasingly fast paced, more complex environment. Passing the $2 billion mark at the end of the 80s, Southwest Corporate began offering Asset/Liability Management Services in Arkansas, Louisiana and New Mexico in 1991.

During the early 1990s, the corporate recast its investment advisory service as Network Investment Advisory Service to reflect the status of serving 67 credit unions located across the country. Dealing with an increasingly complex financial marketplace gave rise to additional products and services. Southwest Corporate introduced CUFUND in 1992, the first time a credit union was authorized to directly advise a mutual fund.

The mid-90s saw Southwest Corporate turn 20 years old, and embark upon a period of dynamic change. In short order, the corporate acquired the item processing division from the Texas Credit Union League, moved its offices and prepared for the turn of the century. While Southwest Corporate began its preliminary work on Y2K in 1995, comprehensive, formal plans were developed in 1998.

But Y2K preparations didn't dominate the entire landscape during the second half of the 1990s. Southwest Corporate merged with the Oklahoma Corporate in 1997, the same year that check imaging services and a website were announced. Those activities were quickly followed by the introduction of a debit card program, Southwest Corporate Investment Services and TranZact, an updated and enhanced version of CUFS.

With the new century, came new challenges, emerging technology and increased complexity. Yet, pick any point along Southwest Corporate's timeline and the same thing could have been said. Southwest Corporate continuously has researched and developed financial products to help credit unions serve their members. This cooperative concept has helped enable credit unions to remain competitive and continue to flourish.