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…)
3/18/2020: Unfortunately due to the events surrounding the coronavirus, the NACUSO Network Conference is cancelled and will not be held April 20-23, 2020 as planned. As we all navigate the ever-changing reality of our day to day work and personal lives, our first thought is for the safety and well-being of our members, partners, staff and conference participants. We are working with Disney to look for dates when we could possibly reschedule our 2020 Network Conference this fall. More details as they become available will be on our conference website at https://www.nacusonetwork.com.… Read more
The 7th annual Next Big Idea winner is Zogo Finance. Bolun Li, Founder of Zogo began his presentation by asking the attendees to raise their hand if they had teenagers, now or in the past. And then he did an amazing job explaining to a room full of parents how his product can both educate and motivate teenagers. A daunting task to be sure. Zogo received 55% of the audience’s votes to claim the victory. Click here for photos and to watch his post-victory interview with Mike Lawson, CUbroadcast.
Click here to see photos and read about who the winners of this year’s CUSO of the Year and New CUSO of the Year Awards were.
Given the economic impact of the COVID-19 pandemic, PSCU, the nation’s premier payments credit union service organization, compared transactions of its Owner credit union members on a same-store basis from March 2019 to March 2020 to identify the impact on consumer spending and shopping trends. Experts from PSCU’s Advisors Plus and Data & Analytics teams today released year-over-year, same-store insights from the first three weeks of March (March 1-21):
- While year-over-year spending for the first 21 days of March was up 9.0% overall, the travel sector saw a dramatic decrease of 30.3%.
- Grocery stores/supermarkets saw the greatest increase in spend and transaction volume. Year-over-year, transaction dollars are up 41.3%, with debit card incremental spend outpacing credit cards by 3.5x. The average grocery transaction on a credit card is up 25.0% or $11.41.
- The consumer goods sector posted an overall gain of 9.2% in dollars spent, with the vast majority of the increase coming from debit cards.
Solutions Designed to Help Give Much-Needed Relief to Credit Union Members During Events of COVID-19
CO-OP Financial Services has announced a series of programs for its Full-Service Credit clients to help them address the financial stress their members may be experiencing as a result of the COVID-19 outbreak.
The cardholder payment relief solutions enable Full-Service Credit clients – those credit unions using CO-OP to fully outsource the processing of member credit transactions – to adopt one or more plans to ease payment schedules for cardholders.
“As a partner to our clients, CO-OP is taking swift and meaningful action to help them support their members in this unprecedented time,” said Todd Clark, President/CEO, for CO-OP. “As payments is one of the primary ways members are engaging with their finances right now, this is one way we could provide relief. We are here to lift the cooperative spirit of the credit union movement by supporting our clients and their members.”
Full-Service Credit clients acting on the opportunity by April 10, 2020, will be able to implement the cardholder payment relief solutions in time for the May statement cycle.