Author: Shawna

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NACUSO Spotlight on Seth Brickman, CEO of QCash Financial CUSO

PART ONE: Life Story and Experiences

What’s your current position, and can you give us a brief overview of what it is you do in your work?

I am the CEO of QCash Financial, a CUSO of Washington State Employees Credit Union in Olympia, WA.

My number one job as a leader is to make sure the people that I work with are successful. As I see it, I have two core functions. Function number one is to make sure every member of the QCash staff is able to meet their career goals and loves coming into work every day. The second goal is quite similar: I like to say I am the Chief Evangelist Officer — making sure that our partners and our future partners know how amazing QCash is, how amazing the people who work for QCash are, and how amazing our product is so that we can help them fulfill their mission of helping their members. At the end of the day, if I accomplish those things I’m doing my job well.

What would you say most motivates you to do what you do? What are you most excited or passionate about?

Every day I can look at our loan numbers and see how many QCash life event loans members are taking out. Every time a member takes out a QCash life event loan, that means they had a need. Our platform was able to help them meet that need and get them out of a financial destruction cycle and back into their credit union and on to a path to financial wellness. So every morning when I wake up I’m excited to go to work because I know literally thousands of peoples’ lives are changed every day because of the work that QCash is doing.

We want to hear the story of how you came to work with credit unions. What attracted you to work for QCash Financial?

Honestly, I was reached out to by an executive recruiter who was hired to find a new CEO for QCash. It sounded interesting, but it wasn’t until I really dug into the vision and mission of the CUSO that I saw how it aligned with my personal values of helping people. Soon afterwards I had a conversation with Gary Swindler, Chairman of the Board of QCash, and witnessed his passion and vision of helping credit unions help their members. Knowing that the work we are doing is changing peoples’ lives, it resonated strongly with me and I couldn’t see myself doing anything else. Once I understood it, it became like a magnet that just pulled me in.

Now if we can go even further back, where did you grow up and what was it like living there? Where did you go to school?

I was actually born in New York but lived there for less than a year of my life. I did most of my growing up in New Jersey. I lived in Sayerville, the hometown of Jon Bon Jovi, and graduated from Piscataway High School. It was a great time to live there because we also had the Boss, Bruce Springsteen, and he would play at the Jersey Shore. He would just randomly show up and play a gig. I was able to easily take the train to Manhattan and go to Madison Square Garden to see the NY Rangers play. I’m a big, big hockey fan. The US Navy let me experience moving every several years and so I got to see some interesting places.  Microsoft brought me to the Pacific Northwest and I currently live in Bellevue, Washington.

Who were your mentors along the way? People who deeply influenced who you are, what you believe in and what you’re committed to in your work and life? Tell us more about them.

My first mentor was when I was in the Navy and his name was Rodney Wade. He taught me that good work produces good results. What I mean by that is if you do good work, others will notice and you will get credit for that work. You don’t need to be your own bullhorn; the quality of the work speaks for itself. That has really stuck with me in my career. Success is not the accolades, it’s the results and doing the work that matters. I love to come into work every day and do the best job that I can. Another mentor named Ray helped me understand that I can learn something from everyone I meet since they had different life experiences than I did.  And my task in meeting new people was to see what I could learn from them by listening to their story.  To this day, I love to hear peoples stories over coffee or food and grow as a person.

Finally, can you share something interesting about you that would surprise our readers? It can be anything; a hobby, an adventure, sports, the most embarrassing thing that’s ever happened to you. 

 The most unique thing is that I started my adult life as a nuclear engineer in the US Navy and had the privilege of building a nuclear submarine, the USS Maine (SSBN-741). I actually put the nuclear reactor on the submarine with the team at Electric Boat.

PART TWO: The Business Story

Tell us the story of how your CUSO/company was created – the early days. Tell me about some of the memorable characters in its history, some that brought your story color, drama, comedy, conflict?

I think the best part of our story is that it started with a teller asking the CEO of WSECU a simple question, “Why are so many non-members coming in to cash our members’ checks?” He didn’t have an answer. So he pulled on that thread of curiosity and discovered many of their members were using payday lenders. That’s how QCash began. Fast forward to today and we are a CUSO of WSECU serving credit unions all across the US.

What have been the greatest successes, in your opinion?

The evolution of our technology. We have gone from a pretty manual process to a completely digital and frictionless platform. A credit union  member can use their credit union’s web experience or mobile banking app to login, then in just six clicks and 60 seconds their loan is approved and funds are deposited in their account. We are there for members when it matters the most: When life happens.

PART THREE: Reflections and Lessons

If you could start your CUSO/company all over again, would you do anything differently? Why and what would you do?

Number one if we could start it over again we would want to start it in partnership with other credit unions so that we could have grown faster. I feel like when multiple credit unions have ownership you can grow a lot faster.

We also originally positioned ourselves as a payday alternative loan. We no longer see ourselves as that. We don’t want to be that. Our mission is to empower financial institutions in their quest to improve the financial well-being of their communities. If a member only has to use our solution once, in an emergency, we’ve done our job to keep them out of that predatory lending cycle.

Finally, when you think of the future for credit unions, what gives you hope and what makes you concerned?

 What gives me hope is that the credit unions don’t view each other as competitors for the most part, but are very collaborative. The CUSO model is proof of that.

What makes me concerned is the slow pace of adopting innovation and technology in credit unions. The pandemic accelerated a lot of that but credit unions, for the most part, are now where they should have been five years ago.

I’m also concerned about the average age of a credit union member, which nationally is still around 47. QCash is  an innovation engine for credit unions to bring in younger members.

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PSCU Payments Index – July 2021 Edition

7/15/21 – Today, PSCU – the nation’s premier payments credit union service organization (CUSO) – published the July edition of the PSCU Payments Index, the 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 various factors impacting the payments industry. After many parts of our nation had seemingly turned a corner and began to emerge from the pandemic over the course of the summer, slowing vaccination rates could lead to regional pockets of increases in COVID cases. The Delta variant now looms large as children prepare to return to school and many workers prepare to return to offices. Employers are grappling with “The Great Resignation,” labor shortages and rising wages. Despite these challenges, we continue to see positive signs of economic recovery and increased consumer spending and confidence. The study looks at the impact of these forces and takes a deep dive into this year’s Amazon Prime Day event, as well as the competing events from major U.S. retailers Target and Walmart.

“While we did not see dramatic fluctuations in consumer behavior in this month’s Payments Index, spending remains strong, even as continuing uncertainty around the pandemic and the expiration of several pandemic-related benefits have some consumers taking a more cautious, ‘wait-and-see’ approach,” said Tom Gandre, EVP, chief operating officer at PSCU. “This month’s Deep Dive, in which we explore the continued growth of Amazon Prime Day and its competing events at major U.S. retailers, along with accompanying demographic data, showcases PSCU’s powerful data and analytics capabilities. From understanding consumer behavior to providing personalized service, data is – and will continue to be – the key driver of decision making for financial institutions.”

A sampling of key takeaways from the July report includes:

  • While June CPI-U jumped to an annual rate of 5.4%, its largest increase since 2008, assistance from the U.S. Government – approaching nearly $6 trillion since the start of the pandemic – has fueled demand and put substantive impacts on supply chains.
  • No dramatic fluctuations in consumer behavior were seen in June, although consumer spending continues to show strength. Continuing uncertainty around the pandemic and the expiration of several pandemic-related benefits have some consumers taking a more cautious, “wait-and-see” approach.
  • Card payments growth remains strong, supported by large retailer summer savings events (this month’s Deep Dive). Of the three large retailer summer savings events in June (Amazon Prime Day, Target Deal Days and Walmart Deals for Days), Target posted the biggest percentage of growth in year-over-year purchases over the comparative two-day Prime Day event period.
  • Across all three merchants (Amazon, Target and Walmart) by age demographics, we see year-over-year purchases for the summer savings events strongest for Young Millennials (ages 23-30) and Gen Z (ages 18-22). See this month’s Deep Dive for more detailed purchase, transaction and demographic insights by retailer, which can help credit unions tailor personalized campaigns by membership age groups and card preferences.
  • Card Present volume continues to improve, most notably in the Goods and Restaurant sectors, when compared to the start of 2021 for both credit and debit – but still continues to trail Card Not Present growth.
  • Credit card portfolio balances (for our same-store population) in June 2021 held relatively steady, with just a 0.3% drop. These balances are down 14% compared to the pre-pandemic June 2019 timeframe.

The full report is available for download here or can be shared as a PDF upon request. Additionally, feel free to subscribe here to receive updates when the PSCU Payments Index is published each month.

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CO-OP Formalizes Long-Standing Support of African-American Credit Union Coalition With New Partnership

Corporate Partnership Furthers CO-OP’s Contribution to the Strength of the Credit Union Movement

7/13/21 – Credit union payments fintech CO-OP Financial Services today announced an expansion of its support for the African-American Credit Union Coalition (AACUC) by committing to a five-year corporate sponsorship.

Through this long-term commitment, CO-OP will work with the AACUC to help develop, promote and participate in the Coalition’s events and initiatives, including its Annual Virtual Conference, planned for August 16-21.

“There is strong cultural alignment between the AACUC and CO-OP, as both organizations are grounded by a purpose to strengthen the credit union industry,” said Dorthy Mack, Diversity, Equity & Inclusion Council Co-chair at CO-OP. “Watching the AACUC’s growth has been exciting; it’s a testament to the movement’s acknowledgement of the need for change and AACUC’s tenacity to lead the way. CO-OP is honored to join AACUC leadership, members and supporters in the unification, education, conversations and investments that will bring the movement closer to a future in which diversity, equity and inclusion thrive.”

CO-OP’s own DE&I Council serves as a forum for conversation within the company. The Council works to foster a workplace where every employee feels valued, respected and connected. Recently the Council invited employees to form Engagement Resource Groups based on employees’ shared characteristics, life experiences and interests. Mack anticipates the Council’s work will dovetail well with the activities of the AACUC, enabling a highly engaging partnership.

“We look forward to deepening our collaboration with CO-OP team members who are clearly eager to partner in bringing about meaningful change,” said Renee Sattiewhite, President/CEO of the AACUC. “This is a crucial time for all people, and especially those in a position of strength and influence, to fight against racism in all forms. CO-OP has a significant opportunity to make a lasting difference in the lives and careers of the people helping millions of Americans live financially healthy lives.”

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.

About African-American Credit Union Coalition

 The AACUC is a 501c3 non-profit organization created in 1999 to increase the strength of the global credit union community through professional development and advocacy. It has become an all-encompassing organization for individuals (professional and volunteers) in Credit Unions, Insurance, Regulators, Consultants and other entities in the credit union industry. AACUC is considered a leader in the credit union industry adopting the 8th Cooperative Principle and providing knowledge of how credit unions can become more diverse and inclusive. For more information, visit https://www.aacuc.org.

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Mission Federal Credit Union Partners with Rate Reset

Reset Mortgage Mitigates High Mortgage Pre-Payment Speeds and Saves Millions in Back Office Resources

7/9/21 – Rate Reset, the CUSO that provides KNOCK KNOCK, an award-winning platform offering seamless digital solutions for banks and credit unions, today announced that Mission Federal Credit Union will license Rate Reset’s digital solutions. Mission Fed Credit Union, headquartered in San Diego, California, serves nearly 270,000 members and has in excess of $4.5 billion in assets.

The KNOCK KNOCK platform assists credit unions with loan retention, loan generation, loan recapture, and digital pre-approvals. Each Rate Reset product through KNOCK KNOCK is designed to help credit unions achieve a seamless digital transformation by providing members and nonmembers alike an enhanced and intuitive digital experience.

“Mortgage pre-payment speeds have increased substantially due to the low-rate market. Reset Mortgage allows us to efficiently retain our mortgages without using any back-office resources. The frictionless user experience for Reset Mortgage also aligns with our member centric focus,” said Debra Schwartz, CEO of Mission Fed Credit Union. “We are thrilled to partner with Rate Reset to bring our community this innovative service.”

“In today’s competitive lending landscape, credit unions like Mission Fed Credit Union recognize the need for sleek digital products that bring simplicity and ease of use to members’ financial decision-making,” said Keith Kelly, CEO of Rate Reset. “We are thrilled to partner with Mission Fed to bring their current and prospective members innovative and frictionless lending solutions through the KNOCK KNOCK platform.”

About Mission Fed Credit Union:  Mission Federal Credit Union (Mission Fed) is the largest member-owned, not-for-profit, full-service financial institution exclusively serving San Diego County. Mission Fed enhances the lives of its members through financial education and services, providing stability and strength to help San Diegans with financial wellness and success. Banking at Mission Fed means doing good for San Diego. Mission Fed gives money back to our local communities, has helped hundreds of nonprofits and important causes, and builds deep relationships with community partners. Mission Fed has served the financial needs of San Diegans for 60 years through checking, savings, loans, credit cards and insurance offerings. Mission Fed has in excess of $4.5 billion in assets, nearly 270,000 members, 32 convenient local branches, 30,000 fee-free CO-OP ATMs nationwide and free mobile and online banking services. Mission Fed was recognized as a 2020 Top Workplace by The San Diego Union-Tribune and named a Top Workplaces USA winner in 2021. Federally insured by NCUA and Equal Housing Lender. To learn more, visit www.MissionFed.com.

About Rate Reset: Rate Reset is a CUSO that offers award winning digital products that allow the member to easily take control of the lending process, simplifying historically time-consuming administrative tasks for both front line and support staff. Rate Reset’s KNOCK KNOCK platform provides a means for consumers to Reset existing loans and initiate new loans at the click of a button. For more information on Rate Reset, visit www.RateReset.com

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Local Credit Unions Commit to Giving This July…Kids Win, You Win

7/1/21 – Credit unions have a long-standing commitment to supporting Children’s Miracle Network Hospitals.

Throughout the month of July (1-31), four Minnesota credit unions will be partnering for the Kids Win, You Win campaign, raising funds for Children’s Miracle Network Hospitals.

Anoka Hennepin Credit Union (Coon Rapids), MY Credit Union (Bloomington), SPIRE Credit Union (Falcon Heights), and SouthPoint Financial Credit Union (Waconia) are working with NetGiver, the fee-free charitable giving app, to ensure that 100% of every donation reaches the cause.

“We’re proud to team up with credit unions to facilitate the Kids Win, You Win campaign. NetGiver is committed to supporting credit unions as they come together to help their broader communities.” said Eric Berg, president and co-founder of NetGiver. NetGiver is available to all users in both app stores and works seamlessly with a donor’s credit union or bank account. “Our partner credit unions are covering the fees for all donations to CMN Hospitals, and any charity. They believe in supporting your giving decisions. Whether you’re a member of their credit union, or you aren’t, you’re still a member of the community.”

Children’s Miracle Network Hospitals is an organization of 170 children’s hospitals across North America, serving 10 million children every year. CMN Hospital’s mission is to save and improve the lives of as many children as possible. The full cost of treatment isn’t always covered, and it falls upon the network to meet the needs through the generosity of those charitable gifts.

Every donation made through NetGiver in the month of July will be automatically entered into a weekly drawing for a $100 VISA gift card. Visit netgiverapp.com/cmn21 for sweepstakes rules and information.

About NetGiver

NetGiver is a Minneapolis based Credit Union Service Organization (CUSO), founded in 2019. NetGiver is provided to members by their credit union as a secure and easy-to-use mobile app, where individuals make safe, secure, and direct donations. Using NetGiver, members make donations to any nonprofit nationwide, anytime and anywhere, fee-free. Donations made through NetGiver are given freely and fully, with no cost to the credit union member and 100% going to the nonprofit of choice. For more information, visit www.netgiverapp.com.