Posts By: Denise Wymore

Promotions and New Hires Span Sales, Client Experience, Corporate Governance and Communications

CO-OP Financial Services has added five Senior Vice Presidents whose combined responsibilities impact virtually every aspect of the business, as the payments and financial technology partner to credit unions continues to invest in its digital ecosystem.

“In 2020, CO-OP turned a year of pandemic into a year of record momentum that is leading to more great work on behalf of our clients this year,” said Todd Clark, President/CEO of CO-OP. “Our momentum is driven first and foremost by our people, and these five senior leaders – Tiffany Doty, Pam Edwards, Sara Jensen, Peter Rae and John Wong – will help us fuel our company’s innovation and future vision.”

The five employees promoted or added to the company include:

Tiffany Doty, SVP, Client Relationships, reporting to Matt Kardell, Chief Revenue Officer. An 11-year veteran of CO-OP, Doty has a track record of client advocacy and sales success serving as a Division Executive for the past three years.… Read more

PSCU, the nation’s premier payments credit union service organization, has updated its weekly transaction analysis from its Owner credit union members on a same-store basis to identify the impact of COVID-19 on consumer spending and shopping trends. Our infographic is also attached.

To provide relevant updates on market performance, experts from PSCU’s Advisors Plus and Data & Analytics teams today released year-over-year weekly performance trends. In this week’s installment, PSCU compares the seventh week of the year (the week ending Feb. 14, 2021 compared to the week ending Feb. 16, 2020).

“While year-over-year growth rates remained positive in Week 7, card payment volume softened for both debit and credit as stimulus funds were depleted,” said Glynn Frechette, SVP, Advisors Plus at PSCU. “Some large retailers reported a shift in purchase behavior from larger-ticket items to more basic necessities, indicating consumers were more cautious with the smaller amount received from the second round of federal stimulus payments.… Read more

Xtend, Inc., the Grand Rapids, Michigan-based multi-owned cooperative CUSO, announced last week that the board has approved an impressive ten new owners of the CUSO. The new owners support a combined membership of over 73,000 and $815 million in total assets. These credit unions will join the existing group of eighty owners who each share equal parts of ownership in Xtend. Per Xtend bylaws, each credit union owner carries a block of 200 shares. The new owners include:

• Bragg Mutual FCU (Fayetteville, NC)
• Ocala Community Credit Union (Ocala, FL)
• DayMet Credit Union (Dayton, OH)
• Fire Police City County FCU (Fort Wayne, IN)
• Chiphone FCU (Elkhart, IN)
• SPE FCU (State College, PA)
• 1st Street Credit Union (Sarasota, FL)
• Bridge Credit Union (Columbus, OH)
• West Michigan Postal Service FCU (Muskegon, MI)
• Valley Oak Credit Union (Three Rivers, CA)

“As we are a national CUSO, it’s exciting to create these new relationships from all over the country,” said Jason Conrad, Xtend’s VP of Business Development.… Read more

Collaboration with Financial Health Network and Members Development Company helps assess financial health of credit union members and employees across the country

In continued support of its corporate philanthropic cause of financial well-being, PSCU, the nation’s premier payments credit union service organization (CUSO), today announced the findings of a new study, “How Credit Unions Can Become Financial Health Providers,” that assessed the financial health of credit union members and employees against a national benchmark. The study was conducted by the Financial Health Network with support from Members Development Company (MDC) and PSCU.

According to research findings, the financial health needs of members are evident: Over 60% of credit union members surveyed are struggling financially and at least one-third live paycheck-to-paycheck. In line with these findings, more than 60% of credit union employees are struggling financially, too.

While recent years have seen strong economic growth and positive gains in Americans’ general financial well-being, credit union members’ financial health remains stagnant, according to credit union member and employee financial health data.… Read more