New Features Lead to Greater Security and Faster, More Complete Insights
Springboard, CO-OP Financial Services’ proprietary credit card servicing application enabling credit union staff access to member card data in real time, is realizing new potential in its latest edition, rolling out to credit unions this month.
NACUSO is on a mission to tell stories of collaboration, innovation and cooperation that not only strengthen the credit union movement but also are in the best interests of our members. We believe that we’re better together. We also know that the CUSO model has mitigated the need for many credit unions to merge by obtaining economies of scale and driving efficiencies. CUProdigy is a great example of helping credit unions with a quality cloud based core that is affordable. We heard about the tremendous cost savings and reached out to a recent convert, Roy MacKinnon, CEO of Edwards FCU.
Roy, first, tell me a little about your credit union.
Edwards FCU was founded in 1962 on Edwards AFB in California and was originally chartered to serve personnel on the base. Edwards FCU received a community charter shortly after 2000 as many military base credit unions did. Today, we serve all of the Antelope Valley, which is nicknamed Aerospace Valley because, in addition to the Air Force base, other major manufacturers are here like Lockheed, Northup Grumman and The Spaceship Company. We are proud to say that Edwards is the only locally born and raised credit union that’s still headquartered in the Antelope Valley.
How did you come to work at Edwards FCU?
I became the CEO of Edwards in May of 2016. Previously, I was with First Entertainment Credit Union for 25 years. This was my first CEO gig and I knew what I was walking into. I was handed a financial statement showing a $120K loss and 7.2% capital the first month. I immediately initiated a freeze on just about everything. By mid-year we were running at an annual loss of about $200K. By year-end, with a significant expense reduction and with the financial benefits of a PSCU conversion, we reduced our year-end loss to just $5,900.
I felt a missed opportunity existed, one that many credit unions encounter when they convert to a community charter – founding segments are ignored. In this case, it was the air base. I told the board that if they hired me, we would go back to our core, get our house in order, and then when we’re a little healthier we’ll go back to the community in a very disciplined way.
Read more on Better, Faster, Cheaper. How One CU Got All Three With a Core Conversion…
LIBERTY LAKE, WA – October 13, 2017
CU*NorthWest, the 100% credit union-owned cooperative CUSO, announced today that they will be attending the Washington, Oregon and Idaho Credit Union Leagues’ 2017 MAXX Conference in Spokane, Washington, as an exhibitor.
Read more on CU*NorthWest to exhibit at the 2017 MAXX Conference…
LIBERTY LAKE, WA – October 13, 2017
CU*NorthWest, the 100% credit union-owned cooperative CUSO, announced today that Western Healthcare Federal Credit Union in Concord, California, has signed a core data processing contract with CU*NorthWest, and is scheduled for conversion in April 2018. $41.5M Western Healthcare FCU was chartered in 1953 and currently represents approximately 3,500 members. CU*NorthWest is extremely pleased to be adding an additional California client.
Read more on Western Healthcare Employees FCU signs with CU*NorthWest…
It looks like Congress will put the Tax Code in play and while it is unlikely the credit union income tax exemption is at risk, credit unions cannot take this for granted. We must be careful not to let banks define credit unions when they lobby Congress.
Read more on Defining Credit Unions in the Upcoming Income Tax Debate, by Guy Messick…
