Posts By: Shannon

New CU*Answers CEO Geoff Johnson Eager for Opportunity

9/9/21 Grand Rapids, MI – At its August Board Planning Session, the Board of Directors of cooperative CUSO CU*Answers announced the completion of their succession project and have selected current CU*Answers President/COO Geoff Johnson as its new CEO effective October 1, 2021. Speaking on the matter, Chairman of the Board Scott McFarland said, “Geoff has been an invaluable member of the CU*Answers team for many years, and we are confident that he will be an exceptional leader for our organization.”

Johnson, who has served as COO since 2014, expressed his gratitude to the board and excitement for the opportunity. “In the sixteen years since I joined CU*Answers, I’ve seen our products and services change dramatically. New technology and ideas come in, only to be replaced by the next great thing. One thing that has not  changed is the sense of purpose we all have every day. Of being a cooperative, just like the credit unions that own us, and of giving those credit unions the power to control their own destinies.”… Read more

Credit Unions Needing Help Due to Hurricane Ida are Encouraged to Contact CU*SOUTH as a Resource

8/30/21 – Fairhope, Alabama – As a CUSO dedicated to growing credit unions in their communities, CU*SOUTH announces its Hurricane Ida Assistance Program. Any credit union that finds itself without sufficient office space, staffing, power, or IT support, is encouraged to reach out to CU*SOUTH for support.

“In over 38 years on the Gulf Coast, we’ve seen our share of hurricanes; as each one passes through, we learn our lessons and begin to prepare for the next one,” says CEO Leo Vaulin. “Our Event Response Team is activated as soon as there’s a threat of landfall anywhere along the Gulf or East Coast. Smaller credit unions tend to be the most vulnerable; but we’ve seen billion-dollar credit unions impacted as well.”

“Our first priority is to make sure that our core clients are provided for,” says COO Derrick Smith. “Between hurricanes and COVID, we’ve learned to distribute our resources – we have team members from Virginia to Washington ready to offer support.… Read more

Despite Growing Uncertainty, July Payments Trends Show Robust Growth

CO-OP Payments Trends Report (Spending Data from July 1-31)

8/19/21 – RANCHO CUCAMONGA, California – As it has been for much of the past year and a half, the U.S.’s path to economic recovery in the wake of COVID-19 can be described as uncertain and tenuous, at best.

Although CO-OP Financial Services has been tracking several positive spending trends among member credit union portfolios, including an anticipated resurgence of credit spending, big increases in the grocery category and a red-hot back-to-school shopping season, there are reasons to be cautious.

The Delta variant has led a new wave of coronavirus cases worldwide and across the U.S., a worrisome factor that is not fully captured in July’s spending data. As federal, state and local governments consider reestablishing mask mandates and other social distancing measures, it is still to be seen what dampening effect this may have on in-person schooling and work, as well as leisure activities like dining, entertainment and travel this fall.… Read more

PSCU Payments Index – August 2021 Edition

8/18/21 – Today, PSCU – the nation’s premier payments credit union service organization (CUSO) – published the August edition of the PSCU Payments Indexthe 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, PSCU focuses on the Delta variant and its potential impact on the U.S. economy. Just as the country was beginning to emerge from COVID-19 this summer, the surge of the Delta variant has turned back the clock on the pandemic. Yet as consumers have grown more accustomed to change over the past 17 months, the economy continues to demonstrate its resilience. While the mix of spend has shifted, overall consumer spending continues to recover and adapt. The study looks at the impact of these forces and takes a deep dive into the Restaurant sector.

“Signs of economic recovery continued as consumer spending remained strong throughout July, despite the uncertainty brought forth by the recent surge of the Delta variant,” said Cindy McGinness, Vice President, Digital Experience at PSCU.… Read more

CHROME Federal Credit Union goes with Hybrid eDOC Model

7/9/21 – Based in Washington, PA, CHROME FCU has elected to upgrade to eDOC Innovations’ DocLogic Suite. Initially using eDOC’s hosted SaaS solution, CHROME wanted to take advantage of additional options available in an on-site system while retaining the unique features of a  hosted solution. CHROME and eDOC worked together to build a unique system entirely customized for CHROME.

Eric Kirk, Senior VP and CIO of CHROME FCU, elaborated on their dilemma: “CHROME has enjoyed working with eDOC over the years using their SaaS systems but we wanted to expand to their comprehensive digital transaction management solution (mDTM®). This expansion of  features will include single sign-on and additional customization options. By migrating to an in-house model, we can now have the best of both worlds. We get a more robust solution with the vast features that come with it while enjoying the autonomy of our information hosted,  maintained, and backed up entirely remote.”… Read more