The 2022 NACUSO Network Conference highlights are available now. Don’t miss out on this years’ CUSO Awards, Next Big Ideas, Keynote Speakers & Sessions, and so much more!
Visit our recap page here:
https://www.nacuso.org/conferences/2022-nacuso-network-highlights/
NACUSO needs your support. Please make a contribution to enable us to continue to press forward with important regulatory modernization to help credit unions make FinTech investments and to modernize credit union lending regulations to allow for more collaboration between credit unions and CUSOs through loan origination partnerships, loan participations and sale of eligible obligations, making it easier for CUSOs to help originate loans and efficiently transfer these loans to credit unions. Click here to support our Regulatory Advocacy efforts.
March 18, 2022 – Through the support of our partners, NACUSO raised approximately $72,868 in 2021 in contributions toward its Advocacy Fund. The goal of the fund is to enable NACUSO to conduct crucial advocacy work on behalf of CUSOs and their credit union owners/partners. In keeping with our commitment to be fully transparent and to regularly communicate our usage of these dollars (we provided detail of how the funds were spent in each of the years since the fund was established), we would like to provide you with the following information.
NACUSO spent the following amounts from the Advocacy Fund during 2021:
Continue reading Report on Advocacy Fund Spending in 2021 … NACUSO Working for You in 2022
10/21/2021 – Today, Board Members Rodney Hood and Kyle Hauptman showed real leadership at the monthly the NCUA Board of Directors meeting by passing an amendment to the federal CUSO Rule (Part 712). We have worked with the NCUA Board for many years to modernize the CUSO Rule and allow credit unions to leverage their collaborative partners in all types of lending to their members.
The amended Rule now permits CUSOs to originate any type of loan a credit union is permitted to originate. These loans can be sold or participated to a credit union, or held by a CUSO. The change modernizes the CUSO lending powers, allowing CUSOs to be a valuable collaborative partner to credit unions in all types of lending.
“This rule gives credit unions the tools to compete more effectively in the digital marketplace,” said NCUA Vice Chairman Kyle Hauptman. “It also gives members another choice when shopping online. That’s a good thing.”
“I believe this rule will help credit unions, and in particular, mid-size and smaller credit unions, stay relevant in the years ahead by continuing to grow and scale in the cooperative spirit while insuring the industry is responding to the rapidly changing lending landscape,” said NCUA Board Member Rodney Hood. “I view today’s rule as a significant milestone for Credit Union Service Organizations, but our work here is not done with regard to CUSO investments. I look forward to addressing this in the future with my Board colleagues.”
In addition, the NCUA Board amended the process for adding new permissible services in the future eliminating the need to amend the CUSO to do so. This will provide the agency with a more streamlined approach to approving new permissible services and help to keep CUSOs relevant in the highly competitive environment in which CUSOs serve credit unions and their members.
We appreciate the support that other industry trade groups have provided on this important initiative, and we especially appreciate the forward thinking leadership that NCUA Board Members Hood and Hauptman have shown in supporting this long-awaited modernization of CUSO powers.
10/14/2021 – Alacriti, a fintech company specializing in payments and money movement solutions, has partnered with leading digital banking solutions provider Alkami to deliver modern, frictionless digital payments and money movement services to credit unions and banks. Through this strategic partnership, Alacriti has integrated its Loan Payment platform, part of Orbipay Unified Money Movement Services, into the Alkami Digital Platform, powering seamless experiences to credit union members and bank customers.
“This partnership brings the power of our highly customizable digital payments and money movement technology to the banking ecosystem through Alkami’s userbase. Together, Alkami and Alacriti will enable banks and credit unions to quickly and seamlessly deliver modern, intuitive digital loan payments across multiple payment channels. Alacriti’s Unified Money Movement Services include: A2A transfers, P2P payments, bill pay, disbursements, and real-time payments,” stated Manish Gurukula, Alacriti CEO.
Alkami’s Co-Founder and Chief Strategy & Sales Officer Stephen Bohanon said, “We’re excited to offer Alacriti’s Orbipay Loan Payment Services to our new and existing banking and credit union customers. In addition, Alacriti’s real-time money movement platform is fully integrated with the Alkami Platform, enabling a fast, cost-effective path to delivery and a future-proof foundation for innovation. This partnership further supports our focus on accelerating digital transformation to drive growth for our client community.”
About Alacriti
Alacriti is a leading financial technology company with a comprehensive money movement and payments services platform, dedicated to helping clients accelerate their digital transformation. Built on a flexible, cloud-native framework, Alacriti’s array of solutions allow clients to deliver the money movement experiences and payments innovation that today’s users demand, while seamlessly integrating with their internal infrastructures.
About Alkami
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly and build thriving digital communities. The Alkami Platform is the digital banking and fraud mitigation platform of choice for over 260 financial institutions. Alkami’s investments have resulted in a premium platform that has enabled it to replace older, larger and better-funded incumbents and provide clients with world-class experiences reflecting their individual digital strategies.
To learn more about Alkami or to request a demo, visit alkami.com.
CO-OP Digital Payments Ecosystem Enables Credit Unions to Engage with Members Where They Are
10/4/2021 – RANCHO CUCAMONGA, California – OnPath Federal Credit Union (www.BeOnPath.org) is expanding its partnership with CO-OP Financial Services (www.coop.org) by joining CO-OP ATM network, further enabling the credit union to meet its members wherever and however they want to engage.
“We have been a participating credit union in the CO-OP Shared Branch network, with its 5,700 branches, so we are aware of the benefits offered, allowing us to extend our member services and account access nationwide,” said Jared Freeman, President/CEO of OnPath FCU. “We are excited to now offer our members the same convenience by joining CO-OP ATM, with 30,000 machines across the country.
“With CO-OP ATM, our members can access their accounts regardless of where they live or travel, for day-to-day convenience or if they are away from home. The fact that members can use the network ATMs surcharge-free is a huge benefit and enables us to compete with any national bank,” said Freeman.
CO-OP Shared Branch and CO-OP ATM are services of the company’s Engage solutions line, which also includes the CO-OP Contact Center, ATM Terminal Driving, rewards programs, card controls and alerts, and digital banking. Shared branching enables members of credit unions to conduct their business at other participating institutions as if they were visiting their own home branch. CO-OP ATM is the nation’s largest credit union-owned network. In addition to offering 30,000 fee-free ATMs nationwide, it includes 7,500 deposit-taking machines, with nearly 2,000 credit unions participating in the network.
OnPath FCU, based in Harahan, Louisiana (New Orleans metro area), is a 60-year-old institution with more than 64,000 members and more than $300 million in assets.
“We are delighted to add OnPath to the growing number of CO-OP ATM-participating credit unions in the southeast,” said Matt Kardell, Chief Revenue Officer for CO-OP. “It’s clear OnPath is dedicated to engaging with their members and being there for them wherever and whenever they need to access accounts. CO-OP offers a complete digital payments ecosystem that makes that possible for credit unions of any size. In this way, we can help credit unions be in a stronger position to win primary financial relationships and fulfill their mission of helping members achieve financial wellness.”
For more information on CO-OP ATM, visit www.coop.org/Solutions.
About OnPath Federal Credit Union
OnPath Federal Credit Union was chartered in 1961 by employees of Avondale Shipyard, Inc. as ASI Federal Credit Union. For 60 years, OnPath FCU has served the community, bringing financial education, products and services to individuals and families across Southeast Louisiana. Today, OnPath FCU holds more than $300 million in assets, has more than 64,000 members, and offers its membership to anyone who lives, works, worships or attends school in Southeast Louisiana, with 10 branch locations in four parishes. To learn more about OnPath Federal Credit Union, visit www.beonpath.org.
About CO-OP Financial Services
CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.coop.org.
