CU*Answers, the 100% credit union-owned cooperative based in Grand Rapids, Michigan, announced that it had recently added two new credit unions to its ownership ranks. The CUSO confirmed that both Manistique, Michigan-based Limestone Federal Credit Union and Morton Grove, Illinois-based Partnership Financial Credit Union had purchased 200 shares. The credit unions became the 139th and 140th equal owners of their cooperative.
Scott Collins, Executive Vice President of National Sales and Marketplace Relationships at CU*Answers, said: “We were very excited to receive word from both CEOs that their boards had approved an investment in our cooperative. Based on my conversations with Jennifer Watson (CEO, Limestone FCU) and MaryAnn Pusateri (Partnership Financial CU) recently, I know that they share our excitement as well, and I have no doubt that each will be an active participant with their peer owners. We look forward to a long and successful future for our new partners.”… Read more
PSCU, the nation’s premier payments credit union service organization (CUSO), today announced that Welcome Technologies has selected the CUSO to provide processing services and support for its first-ever credit card program. The foremost technology company empowering immigrant communities, Welcome Technologies has built an innovative consumer platform that provides information and products to enable its two million members to thrive in their adopted country. The two companies are eager to join forces to help immigrant families access financial services and realize the American dream.
Following a comprehensive review process, Welcome Technologies selected PSCU to help launch its first credit card program – in conjunction with MRV Banks (Ste. Genevieve, Mo.) as the agent bank and Mastercard as the card network – to serve immigrants, bilingual community members and underserved households. The CUSO’s industry-leading technology, API connectivity, fraud capabilities, overall product portfolio and 24/7 service model were all key factors in the decision.… Read more
CUSO continues to help Owner credit unions succeed and prosper despite a year filled with unprecedented challenges
PSCU, the nation’s premier payments credit union service organization (CUSO), has announced a record patronage dividend for the 2020 fiscal year of $37.4 million, with 30% being distributed in cash. As part of its commitment to helping Owner credit unions succeed and prosper, PSCU’s cash distribution to Owners this year is $20.5 million, including $6.7 million in capital credits and $2.6 million in revolving funds, representing the largest cash payout to Owners in the history of the cooperative. Since its founding, PSCU has distributed more than $577.6 million in patronage dividends, with 51% paid in cash.
“In a year in which the credit union philosophy of ‘people helping people’ has taken on even deeper meaning, our commitment to the success of our Owner credit unions and their members has not wavered. Together, we have partnered to meet these challenges head-on and have become an even stronger cooperative,” said Chuck Fagan, president and CEO of PSCU.… Read more
Company Remains Debt-Free While Making Significant Investments to Help Credit Unions Grow
In the midst of a year like no other, CO-OP Financial Services is reporting substantial achievements against goals in the areas of product and technology delivery, expanded digital capabilities and greater credit union member experience and satisfaction.
“Evolving from being a reseller to an ecosystem provider of payments technology and solutions has been our mission since 2016,” said Todd Clark, President/CEO of CO-OP. “Our commitment did not slow down because of COVID-19, but rather took on greater urgency to provide maximum value to the industry. We have turned a year of pandemic into a year of record momentum that will lead to more great work with and on behalf of our clients in 2021.”
CO-OP’s momentum is driven by substantial investment in client and member services – even in difficult market conditions brought on by the pandemic – while at the same time the company will finish the year with sound, debt-free financial performance.… 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 data trends. In this week’s installment, PSCU compares the 49th week of the year (the week ending December 6, 2020 compared to the week ending December 8, 2019). Week 49 performance data includes Cyber Monday (Nov. 30) and Giving Tuesday (Dec. 1).
“Growth rates rebounded to strong pre-Thanksgiving levels in Week 49, with positive spend performance in both debit and credit,” said Glynn Frechette, SVP, Advisors Plus at PSCU. “Following a dip in payment volume during the Thanksgiving holiday week, we saw a quick return to strong holiday spending buoyed by a record Cyber Monday.… Read more