CUSO Awards 2021

2021 CUSO of the Year Award Winner: LoanStar Technologies & Honorable Mentions

CUSO of the Year

Each year NACUSO recognizes CUSOs pushing to make a difference within the industry through the prestigious CUSO of the Year Awards. The 2021 CUSO of the Year Awards consisted of nine candidates established for more than five years, and were examined on the following criteria:

  • Thought Leadership and Critical Thinking
  • Innovation in Organization Design
  • Value Created Through the Use of Collaboration
  • Implementation and Execution
  • Results, Outcomes and Performance

After careful consideration and interviews with the nine candidates, all of which had good stories to tell, the results are as follows:


2021 CUSO of the Year 
Award Winner:

• LoanStar Technologies

 

Loan-Star-logoLoanStar Technologies developed a point-of-sale Buy Now, Pay Later (BNPL) system with the help of 4 credit unions who are owners of LoanStar. They have taken loans that were typically high interest rate (i.e. almost predatory loans) at POS and changed to make a monthly payment members can afford without the high rates and fees.… Read more

2021 New CUSO of the Year Award Winner and Two Honorable Mentions

New CUSO of the Year

New CUSO of the Year 2021 Award Winner:

Payac CLG

 

Ireland’s credit unions are numerous but small.  After the financial crisis in 2008, scores of credit unions were insolvent but there were no powers to solve the problem.  There were no rules regarding mergers or collaboration. The University of Cork hosts a credit union symposium each year.  In 2012, Guy Messick was invited to speak to the Irish credit unions about the use of CUSOs in the United States.  Guy invited Ray Crouse, Kirk Drake, Jeff Russell, and Mark Zook to join him and share their lessons learned.  In 2016, Guy was invited back to speak.

Despite the obstacles, some credit union thought leaders knew that collaboration business models were the lifeline the Irish credit unions needed to survive.  They planned a CUSO that provided payment services, but they first had to obtain the legal authority to do so.  Changing the law was not practical but finding a way to interpret powers within the existing law was worth a try.  They… Read more

First-Ever CUSO of the Year – Distinguished Service Award Winner: United Solutions Company

2021 Distinguished Service Award Winner:

United Solutions Company

This is a new award that we felt was needed to honor CUSOs like United Solutions who have been providing such exceptional support and service to their credit union owners and partners. This special award is designed to recognize those, like United Solutions, who have been adding value to their credit union partners for decades, and who truly set an example in collaborating while providing unparalleled service to their credit union partners. Their record of never raising prices to their credit union partners, as well as proactively helping their credit union partners to grow and provide competitive technology solutions, really sets them apart.

 

Ray Cromer was the CEO of United Solutions and the company was started in 1983 when Envision CU got together with another CU and they started the predecessor to United Solutions. They started with Core processing.  They were the very first CUSO in Florida! … Read more