Cooperative CU*Answers reports an uptick in De Novo activity

CU*Answers, the cooperative CUSO headquartered in Grand Rapids, Michigan, reported that it has experienced an uptick of inquiries this year from organizations that were exploring starting credit unions. The CUSO reports that it is currently in conversations with more than a dozen chartering efforts across the country.

“From what we have observed, 2021 has been a big year for the rekindled spirit of starting new credit unions,” said Scott Collins, Executive Vice President of National Sales and Marketplace Relationships at CU*Answers. “It is exciting that so many organizations and community groups see the value that a financial cooperative can bring to their respective communities, and our cooperative is vested in doing everything that we can to help shepherd them through the chartering process. We believe that cooperatives working together can be a very powerful game-changer as these new credit unions go to market, so it is always a part of our business plan to invest alongside these new partners.”

Collins noted that the CUSO is currently engaged with startup efforts in ten states. “Vic Pantea from our team has spent four decades in the credit union industry, and he is bringing that vast experience to the table as he provides guidance for each de novo project,” Collins continued. “Vic is also engaged with the NCUA and various state regulators in an effort that we hope will streamline the process of launching a new credit union, and we are very pleased with the recent press releases from the NCUA about their streamlining efforts.”

Collins indicated that the current chartering efforts include a broad mix of grass roots movements that includes faith-based, community development, fraternal, social and ethnicity as their common bonds. “The current de novo activity tells me that the cooperative spirit is alive and well across the country, which is both refreshing and exciting.”

CU*Answers hosts Meals on Wheels annual food drive

CU*Answers, the 100% credit union-owned CUSO, has been busy with gathering donations for West Michigan Meals on Wheels. Each year the staff at CU*Answers participates in the fall donation drive. The drive benefits seniors in the West Michigan area that are home bound. This year the staff will donate items requested by the organization such […]

Oct 7, 2021

Catholic United Financial Credit Union converts to CU*Answers for image check processing

Catholic United Financial Credit Union (Saint Cloud, MN) recently converted to CU*Answers Item Processing for their member check processing. As a core CU*BASE client, the credit union will receive unlimited free member check image copies and free implementation of member check images to It’s Me 247, CU*Answers’ online banking platform. The credit union will also be converting […]

Sep 30, 2021

CU*Answers announces briefing for network CEOs

West Michigan based data processor CU*Answers announced it is offering a network-wide one-hour briefing on the strategic development plans of its core processing network. “What Should be On a CEO’s Radar?” is designed as a power briefing for credit union CEOs and will include a big picture look at the cooperative CUSO’s tools and implementation strategies […]

Sep 30, 2021

TruNorth FCU selects CU*Answers as new core partner

Ishpeming, Michigan-based TruNorth Federal Credit Union recently announced it has selected CU*BASE from the Grand Rapids, Michigan-based cooperative CU*Answers, for its new core data processing platform. “TruNorth FCU is a progressive organization deeply rooted in the cooperative spirit,” said CEO Steve Smith. “We were seeking a new core partner whose vision mirrored ours. In CU*Answers, […]

Sep 29, 2021

New predictive retailing engine gets a test drive

Coming soon to CU*BASE is a new feature to assist credit unions with predictive retailing. Once configured, this engine will evaluate a member’s relationship and status with the credit union, and then match a member to products and services to sell at the teller line and beyond, based on criteria selected by credit unions. Using […]

Sep 29, 2021