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
Register Now! 2022 NACUSO Network Conference
It’s that time again! All of us at NACUSO are excited and busy planning for the 2022 NACUSO Network Conference to be held at Disney’s Yacht & Beach Club Convention Center in Orlando.
You can register for our event and book your hotel reservation now. NACUSO Members save $100 by registering by February 11! A high-level agenda is available to assist in making your travel plans and the link to book rooms at NACUSO’s blocked rate of $280 is open! Bookmark our conference site NACUSOnetwork.com as we continue to update it with agenda, speakers, session topics and exhibit information.… Read more
Next Big Idea Competition Winners
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 were 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 was set at $7,500 with the second place winner receiving $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: LoanStar Technologies & Honorable Mentions
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
CUSOs in the News
December Spending Trends: Pause and Reflect
CO-OP Payments Trends Report (Spending Data from December 1-31)
January 19, 2022 – 2021 ended on a high note, as consumers overcame concerns with the recent rise in omicron cases to drive spending over the extended holiday shopping season back to pre-pandemic levels. This behavior signals a strong start to the new year once consumers and retailers are able to recover from the current winter surge.As they have for much of the year, December’s key economic reports were a mixed bag. Jobs growth stumbled with only 199,000 new payrolls added for the month, even as the unemployment rate fell to 3.9%, the lowest level since the start of the pandemic. Wages increased by 4.7%, a positive sign, whereas inflation grew by 7% in December, the fastest increase since 1982.
Taking a deeper dive into CO-OP’s member credit union credit and debit portfolio data for December, numerous merchant classifications showed month-over-month increases.… Read more
PSCU Payments Index – January 2022 Edition
January 18, 2022, PSCU – the nation’s premier payments credit union service organization (CUSO) – published the January 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, strong consumer purchasing continued through the extended holiday shopping season (October through December), with the strongest share of weekly purchases – similar to previous years – during the four weeks beginning with Thanksgiving week. The Consumer Confidence Index increased in December with optimism on short-term business conditions and labor markets, yet uncertainty remains as inflation continues to rise. In addition, the Omicron variant has taken center stage in the fight against the COVID-19 pandemic. This month, we present the final installment of our three-part Deep Dive into 2021 Holiday Spending.
“While 2021 proved difficult to predict the direction of card and other payment types, 2022 could similarly present the industry with some disruptive surprises,” said Sarah Grotta, director, Debit and Alternative Products Advisory Service for Mercator Advisory Group.… Read more
