AMOCO Federal Credit Union partners with Credit Unions First
TEXAS CITY, TX (February 1, 2023) — AMOCO Federal Credit Union, recognized nationally as one of the top-rated\ credit unions in Texas, and under the leadership of CEO/President Shawn Bailey, is proud to announce its collaboration with Credit Unions First (CU First) and its CEO Melanie Munsey.
CU First was founded in 2019 by co-founders Jon Jorgenson and Jeff Steinke to help create superior services for credit unions and their members. The partnership, which has been a year in the making, officially launched January 10, 2023.
As a progressive member-driven credit union, AMOCO has combined its resources to become the first Credit Union Service Organization (CUSO) to offer credit unions an opportunity to intelligently take control of their Collateral Protection Insurance plan, Jorgenson said.
“As a forward-thinking credit union, AMOCO is the first to support Credit Unions First and the credit union industry with a technology-based Lenders Single Interest strategy that keeps more member dollars inside the credit union,” Jorgenson said. “The combination of these strategies and resources will enhance every credit union’s ability to stay financially competitive and help their members well into the future.”
CU First, a CUSO specializing in helping credit unions protect their collateralized loan portfolio through its cloud-based Navigator Platform, features customized plans with complete coverage options and flexible pricing for credit unions.
This program will allow AMOCO to keep a significant portion of the shared dollars and commissions that were previously sent to third parties and insurance carriers, Chief Financial Officer Jeremy Silva, said.
“AMOCO is excited to be partnering with Credit Unions First for collateral protection,” Silva said. “Additionally, the prospect of redefining how credit unions manage all of their insurance products will have a positively transformative change on the entire credit union industry.”
Our vision aligns with AMOCO’s leadership team of providing control, new efficiencies, and other benefits credit unions will gain, Steinke said.
“Our management system allows credit unions to achieve more than the current options offered today,” Steinke said. “We’re looking forward to working with AMOCO and the credit union movement. It’s way past time credit unions are put first.”
Along with its collateral protection plan, CU First will soon expand into other financial services at AMOCO, as well as other credit unions across the country in hopes of helping credit unions better serve its members, Jorgenson said.
“Partnering with AMOCO is one of the best decisions we’ve made as Jeremy Silva brings a wealth of insight, expertise, and leadership to help us mold into a leader in the CUSO industry,” Jorgeson said. “It’s time credit unions benefit from their product offerings with AMOCO leading the way.”
With AMOCO and Silva leading the way, our CUSO foundation will stand firm with our adage of “people helping people,” Munsey said.
“We’re committed to providing a service that credit unions can utilize to help them retain new streams of revenue in a transparent and compliant manner,” Munsey said. “We’re truly humbled and ready to move forward and together with AMOCO.”
For information, visit amocofcu.org or creditunionsfirst.org.
About AMOCO Federal Credit Union
Headquartered in Texas City, TX., and recognized as one of the top 5 credit unions in the Houston/Galveston market, AMOCO Federal Credit Union is a member-owned cooperative organization with more than 92,000 members and over $1.15 billion in assets. AMOCO’s mission is to serve the financial needs of our members and has done just that for more than 83 years. AMOCO strives to provide the best products and services available to its members by offering low loan rates and little to no fees. For more information, please contact Stacey Malbrough at 281-534-5514 or firstname.lastname@example.org.