In my thirty years of forming credit union collaborations, I have come to see common lessons, especially in multiply owned CUSOs providing one or more back office operational services. I examine twelve of those lessons in these types of CUSOs. (more…)
Save the date for NACUSO’s 2019 NACUSO Network Conference! Details will be available soon on our conference website at http://www.nacusonetwork.com to book hotel and for more information.
In the toughest competition to date, CU RateReset CEO Keith Kelly once again knocks it out of the park with his 7 minute presentation at the Next Big Idea Competition last week at the NACUSO Network Conference at the Disneyland Hotel.
Two years ago Keith won the competition with CU RateReset. This year he entered with Knocknock, a disruptive digital solution that provides bilateral interaction between the credit union and the member to deliver “just in time offers” based on real time triggers.
Branch In Marlow Heights, Maryland, to Remain Within CO-OP Shared Branch Network
CO-OP Financial Services and InFirst Federal Credit Union are announcing a definitive agreement transferring ownership of a Credit Union Family Service Center (CUFSC) in Marlow Heights, Maryland, from CO-OP to the credit union.
“The team at InFirst Federal Credit Union is excited to open our first branch in Marlow Heights, Maryland,” said Marty Wye, President/CEO of InFirst FCU. “We are pleased that the current branch employees will join us in welcoming members to our newest shared branch outlet. InFirst FCU looks forward to serving credit union members, and their families, with financial services when and where they need them.”
“InFirst FCU is an experienced operator of shared branch outlets, and we are delighted to work with their team during this transition,” said Jim Hanisch, President, CO-OP Network. “The CUFSC Marlow Heights staff will become InFirst FCU employees when the location opens as an InFirst FCU shared branch location.”
The Marlow Heights outlet is the last CO-OP-owned location in the CO-OP Shared Branch network. Earlier this month, CO-OP announced that seven branches in the Detroit, Michigan, area were purchased by Public Service Credit Union of Romulus, Michigan. Two additional branches in that area will close in late June, with staff transferring to Public Service CU along with the employees of the other seven branches.
“Owning branches is not a strategic imperative for CO-OP, but all the branches sold this month are wonderful fits for the purchasing credit unions,” said Hanisch. “Finding the most efficient way to operate shared branching is part of our commitment to growing the CO-OP Shared Branch network.”
CO-OP Shared Branch comprises 5,700 branches throughout the United States with 1,800 credit unions participating. Shared branching is a concept unique to the credit union industry, enabling members of participating credit unions to enter any branch in the network and conduct their business as if they were in their own home branch. For more information, visit the webpage here.
About InFirst Federal Credit Union
InFirst Federal Credit Union, headquartered in Alexandria, Virginia, is a member-owned cooperative, providing financial solutions to many active and retired federal employees and their families, as well as anyone who lives, works, worships or attends school in King George, Virginia. Originally chartered in 1935, InFirst FCU serves more than 11,000 members nationwide and has assets of approximately $170 million.
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.co-opfs.org.
AuditLink, the audit and compliance division of CU*Answers, hosted its fourth annual Conversations on Compliance event. “We had a really great turnout with 42 attendees,” said Marsha Sapino, AuditLink assistant manager. “We’ve had increased registration year over year as more individuals in the network are looking for the latest news and tips on compliance.”
The agenda included tips for identifying human trafficking provided by Aaron Toffoli from the Kent County Human Trafficking Task Force; Steven Van Beek from Howard & Howard presented on the Telephone Consumer Protection Act; and Jim Vilker and Marsha Sapino of CU*Answers AuditLink spoke on BSA risk assessments and common audit findings.
Sapino continued, “We want to thank the presenters and all of the folks that came out for joining us. Audit and compliance at the credit union can often feel daunting, and our goal is to help share the aggregate knowledge of the network of credit unions and partners.”
About CU*Answers, Inc.
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 45+ years ago, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 1.9 million members and $19 billion in credit union assets. For more information, visit www.cuanswers.com.