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.… Read more
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.
This is the first time all three states have combined their annual meeting. Elizabeth Evans, business development, will be in booth #30 representing CU*NorthWest. The tradeshow, which will be attended by more than 400 credit union professionals, will provide an opportunity for twelve-year-old CU*NorthWest to talk about the CUSO and the cooperative network behind the CU*BASE® software platform. Roughly a third of CU*NorthWest’s existing clients come from Washington/Oregon, and of which many will also be attending the two-day event.
Greg Smith, CEO of CU*NorthWest stated: “It’s fantastic to have three states coming together in one location. It’s a tremendous opportunity for everyone to be able to learn, network and collaborate. The financial industry has many new and evolving challenges and it’s important for credit unions to know what resources are available to help them navigate their way.”
About CU*NorthWest, Inc.… Read more
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.
Diana Michaels, CEO of WHFCU, said: “We needed a system that allowed integration with online banking, mobile banking, remote deposit capture, debit card processing and more. This solution also needed to provide new membership and loan application/signing/funding capabilities. CU*NorthWest was able to provide it all. The CU*NorthWest team has been fabulous to work with and we’re excited to start on this partnership journey.”
About CU*NorthWest, Inc.
CU*NorthWest was founded in 2005 as a part of the cuasterisk.com network of credit unions and CUSOs. It is a 100% credit union-owned cooperative CUSO located in Liberty Lake, Washington.… Read more
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.
Credit unions are voluntary associations of people who organize a cooperative association called a credit union to pool their money to make loans to each other and the interest from the loans pays the depositors a modest return. The credit unions, as non-profit cooperative associations, are governed by directors elected by the members and the directors hire professionals to manage the credit unions in the deposit taking and loan making functions. There are no shareholders seeking a profit or management holding equity. In a credit union there is no us or them, it is only us, people helping people. Credit union members pay income taxes on the interest paid to them by the credit union. … Read more
By John Dearing, Managing Director, Capstone
The possibilities may be endless, but your resources are not. For many CUSOs with limited time and money, deciding which ideas to pursue can be a challenge. Here are three ways to prioritize your options for growth:
- Start with your vision
The best way to make sure you’re moving in the right direction is to take a step back from all of your ideas and begin by looking at your vision for your CUSO. Who do you want to be as an organization? When you have a clear picture of your goal in mind, it will be easier to visualize what steps you need to take in order to achieve it. Without a clear vision you could end up pursuing options that actually drag you in an opposite direction.
- Use tools to stay objective
While it’s natural to be somewhat subjective, after all growth is exciting, you don’t want to make decisions based on emotions alone.… Read more