Guy Messick spent most of his professional career helping credit unions collaborate. He served as NACUSO’s first General Counsel for over 30 years. He was NACUSO’s Liaison with the NCUA where he advocated for a regulatory climate conducive to credit union collaborations. He is honored as a CUSO Pioneer in America’s Credit Union Museum. To pass on the knowledge acquired over his career, Guy wrote a book entitled “Credit Union Collaborations – Lessons Learned” which is available on Amazon. Guy has taken the main points in the book and made five recorded presentations on credit union collaborations which are available on below. Also included below is a presentation on credit unions working with brokers to offer investment and insurance services. (more…)
News & Highlights
A Dozen Lessons Learned in Credit Union Collaborations By Guy Messick
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…)
Events
2021 Next Big Idea Competition
The Next Big Idea Competition is our version of the popular TV Show “Shark Tank” designed to showcase innovation, collaboration, and advancements among our industry.
We’re honored to have our partners at CO-OP Financial Services sponsor the competition with a prize pool of $10,000. The award for first place is set at $7,500 with second place set to receive $2,500.
2021 Next Big Idea Competition Winner:
RenoFi
RenoFI enables Credit Unions to offer next-generation, home renovation loans that better meet the needs of today’s homeowners.
2nd place awarded to:
Silvur
Silvur is the first and only app designed to support Americans aged 50+ navigating modern retirement.
Special recognition goes out to the three additional Big Idea finalists mentioned below.
Each finalist presented innovation and drive for advancements within the industry and made it to the top five out of nineteen competitors for the Next Big Idea!
Equipifi is an Enterprise SaaS Solution designed to enable financial institutions to effortlessly offer BNPL solutions to their members.
2021 CUSO of the Year Award Winner & Honorable Mention
Each year NACUSO recognizes CUSOs pushing to make a difference within the industry through the prestigious CUSO of the Year Awards. The 2021 CUSO of the Year Awards consisted of nine candidates established for more than five years, and were examined on the following criteria:
- Thought Leadership and Critical Thinking
- Innovation in Organization Design
- Value Created Through the Use of Collaboration
- Implementation and Execution
- Results, Outcomes and Performance
After careful consideration and interviews with the nine candidates, all of which had good stories to tell, the results are as follows:
2021 CUSO of the Year Award Winner:
• LoanStar Technologies
LoanStar Technologies developed a point-of-sale Buy Now, Pay Later (BNPL) system with the help of 4 credit unions who are owners of LoanStar. They have taken loans that were typically high interest rate (i.e. almost predatory loans) at POS and changed to make a monthly payment members can afford without the high rates and fees.… Read more
2021 New CUSO of the Year Award Winner and Two Honorable Mentions
New CUSO of the Year 2021 Award Winner:
Payac CLG
Ireland’s credit unions are numerous but small. After the financial crisis in 2008, scores of credit unions were insolvent but there were no powers to solve the problem. There were no rules regarding mergers or collaboration. The University of Cork hosts a credit union symposium each year. In 2012, Guy Messick was invited to speak to the Irish credit unions about the use of CUSOs in the United States. Guy invited Ray Crouse, Kirk Drake, Jeff Russell, and Mark Zook to join him and share their lessons learned. In 2016, Guy was invited back to speak.
Despite the obstacles, some credit union thought leaders knew that collaboration business models were the lifeline the Irish credit unions needed to survive. They planned a CUSO that provided payment services, but they first had to obtain the legal authority to do so. Changing the law was not practical but finding a way to interpret powers within the existing law was worth a try. … Read more
CUSOs in the News
October Spending Trends: Learning to Expect the Unexpected
CO-OP Payments Trends Report (Spending Data from October 1-31)
RANCHO CUCAMONGA, California – With the holiday shopping season in full swing, October spending trends were largely business as usual in categories like Travel, Sports & Recreation and Retail. At the same time, a few head-scratching trends began to emerge, including a softening of Amazon spending.
A fitful economic recovery has dampened consumer spending behavior all year long, and October was no exception. Although economic indicators for the month were generally positive, growing worries about creeping inflation became an all-out alarm as the Consumer Price Index rose 6.2 percent in October, the fastest monthly increase in over 30 years.
According to CO-OP member credit union spending data, consumers spent more in the Digital Goods and Retail merchant categories in October as the holiday shopping season ramped up. Meanwhile, Education spending declined as students finally settled into their routines on campus and in the classroom.… Read more
PSCU Payments Index – November Edition
November 18, 2021 – Today, PSCU – the nation’s premier payments credit union service organization (CUSO) – published the November edition of the PSCU Payments Index, the goal of which is to provide information and insights to help financial institutions make informed, strategic decisions on the road ahead.
In this month’s iteration, we see strong consumer purchasing during the initial weeks of the holiday shopping season, combined with mixed consumer sentiment on the state of the economy. As the Consumer Confidence Index posted the first increase in four months, workers remain in high demand with increasing pay and a steadily improving unemployment rate. This month, we present the first in a three-part Deep Dive into 2021 Holiday Spending.
“The holiday spending season got underway earlier than ever with Black Friday-style deals from major retailers showing up in early October,” said Yvonne Stelpflug, SVP, Advisors Plus at PSCU. “Strong consumer spending performance, including the first month of 2021 in which all sectors reported growth above 2019 levels for credit purchases, indicates that buyers are heeding the warnings of uncertainty as retailers grapple with supply chain difficulties and labor shortages.… Read more
