In my thirty years of forming credit union collaborations, I have come to see common lessons, especially in multiply owned CUSOs providing one or more back office operational services. I examine twelve of those lessons in these types of CUSOs. (more…)
Save the date for NACUSO’s 2019 NACUSO Network Conference! Details will be available soon on our conference website at https://www.nacusonetwork.com to book hotel and for more information.
In the toughest competition to date, CU RateReset CEO Keith Kelly once again knocks it out of the park with his 7 minute presentation at the Next Big Idea Competition last week at the NACUSO Network Conference at the Disneyland Hotel.
Two years ago Keith won the competition with CU RateReset. This year he entered with Knocknock, a disruptive digital solution that provides bilateral interaction between the credit union and the member to deliver “just in time offers” based on real time triggers.
Formed by two diverse but like-minded credit unions, CU Sol, LLC is a new model credit union service organization (CUSO) seeking to fill the resource gap and provide solutions for emerging credit unions and other financial institutions. US Eagle FCU ($1B in assets located in Albuquerque, NM) and Coast360 FCU ($390MM, located in Guam, a US Territory) have collaborated over the last two years to strategically develop and fund this next-generation CUSO.
“Through great collaboration and strategy, we have this CUSO capitalized and ready to deliver products and services,” indicated Marsha Majors, CEO of US Eagle FCU. “We’ve developed a strong relationship with our partner Coast360 FCU and are excited that our CUSO is up and running.”
Both credit unions understand first-hand the importance of developing new sources of sustainable income and driving operational efficiencies that preserve the bottom line, and have focused on these attributes in developing CU Sol. “We’re looking to provide solutions for emerging credit unions (small to mid-size) with products, services, and programs necessary to improve or enhance their service delivery. We want to be proactive in providing solutions and resources to help our industry continue to thrive in this ever changing marketplace,” said Gener Deliquina, CEO of Coast360 FCU.
“We welcome inquiries and interest from credit unions of all sizes, but also industry suppliers and providers, state leagues and trade-associations. We welcome potential partners interested in developing the next generation of needed products and services for the marketplace” added Majors.
CU Sol, LLC will take part in this year’s NACUSO Conference in April, the CU Leadership Conference in July, and the Annual CUSO conference in December, along with several other major industry conferences in between. “Our primary objective in 2019 is to create awareness; to let people know who we are and what we’re all about and build relationships that not only grow our CUSO potential, but positively impact our credit union movement,” indicated Gener Deliquina.
“We’re two credit unions strong today and hope to be 20 -200+ strong in the years to come. We believe in this CUSO and its ability to effect great change in underserved marketplace, and we welcome potential partners looking to achieve the same,” shared both Majors and Deliquina.
CU Certified, a Credit Union Service Organization (CUSO) partner, headquartered in Bedford, NH, announced today the addition of Texas Trust Credit Union to their growing number of credit union clients.
“The concept you provide is a no-brainer to the fee income stream we are looking to provide for our credit union’s success,” said Alvin Meaux, SVP Lending and Collections.
For years credit union members were at the mercy of the car dealer when it came to vehicle service contracts. CU Certified has changed all of that. Instead of the dealer getting all the success we have giving the control to the CU so that they get 100% of the fee income associated with these contracts, the credit unions benefit in a big way. Since CU Certified began, they have returned $2,429,470 to credit unions and their members. And the best part? CU Certified is “fee free” and requires no additional labor than is already required to offer Vehicle Service Contracts.
CU Certified was created by a collaboration between two CUSO’s of Down East Credit Union and the CU Certified team in 2013. “I remember my first meeting with the, then President, of the Credit Union, said Mark Giguere, President & CEO of CU Certified. “The first words out of his mouth were, ‘Who are you and why do I need you?’. We look back and laugh at that meeting with fond memories. Fast forward four years to year end 2017 when CU Certified represented 12 basis points of their net income.”
Last year CU Certified, along with its partnership with Downeast Insurance (CUSO) was recognized as CUSO of the Year by NACUSO. “CU Certified is the first program to offer a best in class vehicle service contract for credit union members while giving back 100% of the underwriting profit to the participating credit union. “We just had to acknowledge this unique CUSO model that is really committed to helping our members by helping our credit unions,” said Jack Antonini, CEO of NACUSO.
The best part about this CUSO collaboration? Their culture. They like to have fun and celebrate the success of their program with their annual “road trip” Check out this video to join in the fun.