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:
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
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
This is a new award that we felt was needed to honor CUSOs like United Solutions who have been providing such exceptional support and service to their credit union owners and partners. This special award is designed to recognize those, like United Solutions, who have been adding value to their credit union partners for decades, and who truly set an example in collaborating while providing unparalleled service to their credit union partners. Their record of never raising prices to their credit union partners, as well as proactively helping their credit union partners to grow and provide competitive technology solutions, really sets them apart.
Ray Cromer was the CEO of United Solutions and the company was started in 1983 when Envision CU got together with another CU and they started the predecessor to United Solutions. They started with Core processing. They were the very first CUSO in Florida! … Read more
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