CU*Answers in talks with 15 organizations seeking credit union charter
GRAND RAPIDS, MI (January 29, 2019) — CU*Answers announced that it is now working with 15 chartering efforts, underway in multiple states, that have requested support from the cooperative CUSO and its de novo scholarship program. The program provides a 2-year waiver of all core processing fees, and includes CU*Answers’ home banking solution, It’s Me 247, and full-service mobile banking platform.
“In the last 13 years, 12 credit unions have taken advantage of our 2-year waiver of all core processing fees and in the last year we have seen an extraordinary growth of organizing efforts nationwide,” reported Scott Collins, EVP of national sales and marketplace relations for CU*Answers. Collins explained that while the trend towards consolidation and mergers cannot be denied, the 135 credit union owners of CU*Answers remain committed to supporting any organization, association or group of individuals sharing a common bond and desire to start their own credit union.
“There are lots of barriers to starting a modern credit union,” said Vic Pantea, manager of marketplace alliances, “and we intend to exercise all of our cooperative assets and expertise to make sure that as many of those barriers are either eliminated or reduced for any de novo initiative that reaches out to us.” CU*Answers network partners, Xtend and eDOC Innovations have also stepped up to offer their menu of solutions at introductory price levels that help support a new vision of what a start-up credit union’s income and expense statement has traditionally looked like in the past, limited by scarcity of resources and operational expertise.
Pantea added that the diversity of communities coming forward seeking new charters is encouraging for the credit union industry. “We have economic empowerment groups with geographical fields of membership, traditional company or industry-based efforts, ethnic associations, religious based groups and charitable associations.”
“Those of us who believe in the co-operative business model need to walk the talk,” said CEO Randy Karnes. “Our CUSO and many others have benefited from practicing and perfecting the cooperative principles first identified in Rochford, England in 1844; we hope that other CUSOs and credit unions will join us in supporting those who dream of owning and participating in the only truly democratic financial institution model, today’s credit union.”
CU*Answers offers free resources for those interested in starting their own credit union. To learn more, visit the CU*Answers website.
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 in 1970, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 2 million members and $21.5 billion in credit union assets. For more information, visit www.cuanswers.com.