 Larissa Thurston Jeanne D’Arc Credit Union (JDCU) has selected Larissa Thurston as its new Chief Executive Officer. She will succeed the current CEO, Mark Cochran, after his planned retirement at the end of the summer. Thurston was placed by DDJ Myers, the well-known leadership development firm that offers a broad range of solutions to help clients optimize their greatest assets - their people.
“We are delighted to announce that Larissa Thurston will join JDCU as our next President and CEO,” says Naomi Prendergast, Board Chair. “Larissa’s extensive experience as both a credit union CEO and CFO, coupled with the talents of our existing executive team, will continue and expand upon JDCU’s standing as a mission-focused community financial partner. Our Board is incredibly grateful to Mark Cochran, our outgoing President and CEO for the past 17 years, and we wish him all the best upon his retirement." Thurston brings more than 24 years of financial services experience to her new role and a proven track record of delivering results, driving innovation, and managing risks. Most recently, she served as President/CEO of St. Mary’s Credit Union in Marlborough, MA. She’s also held various other executive level positions at both St. Mary’s CU and the Bank of New England, where she served as Vice President & Controller. Originally from JDCU’s service area, Thurston is looking forward to continuing the credit union’s tradition of active community involvement while reconnecting with her local roots. “I’m honored to carry Mark’s philanthropic work forward and continue building upon JDCU’s ‘Heart to Serve’ mission with the support of our experienced executive leadership team and dedicated employees,” says Thurston. “Together, I know we will find new and innovative ways to positively impact our community, further strengthen our cooperative, and help even more members make smart financial choices.” As a passionate community volunteer, Thurston currently serves as Chairperson of the Board for both the Boys & Girls Club of MetroWest and the United Way of Tri-County. She is on the board of the Marlborough Economic Development Committee, and she served on the board of the Corridor 9/495 Regional Chamber of Commerce, in addition she served as a Volunteer Income Tax Preparer and a Student Mentor through Read to a Child, a national literacy and mentoring nonprofit. Thurston also dedicated her time as a committee member of the Federal Home Loan Bank of Boston’s Member Advisory Panel and a member of the Bolton Economic Development Committee. Thurston earned her Master of Business Administration and Bachelor of Science in Accounting & Finance, minor IT/CIS from Southern New Hampshire University. She has continued her professional education by receiving an Executive Leadership Certificate through Wharton Executive Education, graduating from the ABA Stonier Graduate School of Banking and completing the ABA’s Financial Managers School.
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 ABCO Federal Credit Union will become EdiFi Credit Union on July 1, 2024. This new name better reflects the values and the future that we envision for our credit union, according to CEO Jill Peterson.
“The name, ABCO, was created when we served educators in the southern region of New Jersey; today, we proudly provide financial solutions to members from a broad range of communities, educational systems, healthcare facilities and employers,” Peterson explained. “Our new name, EdiFi, speaks to our roots as a credit union for educators and our current vision to empower a broader range of members with knowledge to make well-informed decisions to build generational security.” The credit union announced the change to their 28,000+ members in May with the full support of the Board of Directors. “The Board voted unanimously to rename the credit union to help us better connect with our existing and potential members,” said Chair John Agner. “As a Board, we understand our role is to keep an eye on the future and support strategic initiatives that keep us growing among people of all ages, backgrounds and professions, to ensure we’re here for generations to come.” With a goal to “honor the past with an eye to the future,” the new “EdiFi” brand was developed in conjunction with nationally recognized credit union marketing firm, The Pod, based in Tallahassee, Florida. When the new name launches on July 1st, members will enjoy a new, improved website and online banking interface, newly branded debit/credit cards, and updated branch signage. Additional enhancements are planned to roll out over the next year and beyond. To see the new brand in action visit BloomingANewBrand.com/ABCO Watch a video from the CEO HERE Watch the new brand video HERE  Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced today the release of its latest research, the 2024 Alkami Telemetry Data Report. The report examines the high interest rate environment and its impact on consumers and financial institutions. The transaction data was compiled from an aggregated panel of more than 2.5 million account holders. The data was supplemented by an Alkami-commissioned research study, conducted in partnership with The Center for Generational Kinetics that surveyed 1,500 digital banking consumers in the U.S., to assess how the current macroeconomic environment has impacted attitudes and behaviors of the different generations.
As U.S. consumers are facing a credit reliance with rising levels of debt reaching over $17T by the end of Q1 2024, the report highlights trends relating to common consumer deposits, and credit products like mortgages, home equity lines of credit (HELOCs), auto loans, credit cards and buy now pay later (BNPL). The findings examine the implications for deposit, loan, and payment products at regional and community banks and credit unions. Key findings regarding these products for financial institutions include:
To read the full 2024 Alkami Telemetry Data Report, visit here. Financial institutions can take action now to assess their competitive position and digital maturity level by taking Alkami’s Digital Sales & Service Maturity Model Assessment. ASCEND FEDERAL CREDIT UNION WINS CUNA STATE LEVEL DORA MAXWELL SOCIAL RESPONSIBILITY AWARD6/20/2024  Ascend Federal Credit Union, the largest credit union in Middle Tennessee, has won the 2023 Dora Maxwell Social Responsibility Community Service Award from the Tennessee Credit Union League (TCUL). The awards committee selected Ascend from applicants across Tennessee as part of the Credit Union National Association’s (CUNA) Award Program. Ascend was presented with the award at TCUL’s annual conference held at the Gatlinburg Convention Center from April 16-18, 2024.
The Dora Maxwell Award honors credit unions for outstanding social responsibility projects and activities in their community. The award is named after Dora Maxwell, a community activist who committed her life to credit union development, her community and serving the underserved. Ascend was awarded the state-level Dora Maxwell award for its Charitable Giving Project, which provided 27 501(c)(3) charities with a total of $750,000 through its Charitable Donation Account (CDA). Each of the selected 27 charities can be categorized by one of the following critical areas: The Well-being of Children, Education and Financial Literacy, Fight Against Hunger, Environment and Natural Resources, Veteran Care and Support, Supporting Diverse Communities, and Mental and Physical Health. “We are incredibly honored to receive the Dora Maxwell Social Responsibility Award, which underscores our commitment to making a positive impact in our community and beyond,” said Ascend Chief Strategy Officer Leslie Copeland. “At Ascend, the Charitable Giving Project is not just a one-time initiative but a reflection of our ongoing dedication to Middle Tennessee. This recognition is a testament to that dedication and the hard work of our entire team, illustrating Ascend's deep-rooted commitment to making a positive impact on Tennesseans.” Ascend focuses on fostering community well-being and collaborates with local nonprofit organizations to sponsor events, donate funds, and encourage employees and members to contribute to specific charitable causes. Moreover, Ascend places a special emphasis on promoting financial literacy education within the community by organizing workshops that provide valuable knowledge and skills to community members. The credit union also partners with local educators to provide Banzai, a premium online financial literacy program, to over 26,000 K-12 students across Middle Tennessee. Ascend's dedication to financial literacy is further evident through its scholarship programs, which support aspiring students in pursuing higher education and building a stronger future. In 2024, Ascend awarded over $45,000 in scholarships, including $20,000 to first-generation college students attending local Historically Black Colleges and Universities (HBCUs).  Roanoke Valley Community Credit Union has kicked off 2024 on fire, boasting an impressive $5.5 million in new loans under co-CEOs Pam Duke and Lauren Whitmire. This remarkable start follows a stellar 2023, where the $103 million credit union achieved a 37.2% increase in loan growth, far outpacing peers in terms of loans, capital growth, net interest margin and return on assets.
“Our numbers are telling you where we are going with this team,” Duke said. “We’re definitely not going backwards. It takes a special team to make it work.” Duke and Whitmire were named co-CEOs in November 2023 after the sudden departure of the previous CEO. Duke, who has served as a CEO at another credit union, has been with RVCCU since 2010. Meanwhile, Whitmire, who joined in 2012, served two stints as an interim CEO at Roanoke County Schools Employees FCU before it merged with RVCCU. With Duke eying retirement after a distinguished career, and Whitmire poised to grow into the role of CEO, this leadership structure offers a seamless transition plan. Duke’s wealth of experience and deep understanding of the credit union’s operations provide stability and mentorship, while Whitmire brings fresh energy and a forward-thinking perspective. This combination leverages their individual strengths, ensuring that RVCCU benefits from seasoned wisdom and creative solutions simultaneously. A component to the credit union’s success was bringing back Scott Ruhlman as chief operating officer. He previously served as RVCCU’s director of lending from 2005 to 2016, and most recently worked for another credit union for the past eight years. “As far as the staff, it’s a very different culture, a different mindset, and we have different goals,” Ruhlman said. “Before it was more of a transactional environment and now it’s more personable and engaging. And that environment starts from the top and comes down. Pam and Lauren set that atmosphere and it flows downhill to the frontline staff.” Employees are not just workers, but value being part of a dedicated team, Whitmire said. The credit union is fully staffed and have begun to implement universal banker roles where the frontlines can open accounts, handle cash transactions, sell/cross-sell products and services, as well as resolve issues. Recently, the entire RVCCU team surpassing a monthly loan goal that triggered a $300 or more incentive per employee. New loans total $5.5 million of a $10 million year-end goal, taking its loan-to-share ratio from 62% to 69%. The goal for year’s end is 72%. Instead of relying on investments, RVCCU is investing its money into its membership by way of lending, which the leadership team says is true to the purpose of credit unions. “We’re finally bringing everyone back together and making it a more inviting, more fun place to work,” Whitmire said. “Overall, the staff has a great frame of mind every day. They realize they are important here and that they benefit this place by being here. They matter!” The impressive loan growth can also be attributed to the strategic marketing initiatives implemented by Your Marketing Co. By effectively reaching out to potential members and highlighting the credit union’s unique value proposition, RVCCU has successfully attracted greater loan applicants and increased its loan portfolio. RVCCU’s success comes in the wake of mergers and acquisitions in the Roanoke area from both banks and credit unions. However, bigger is not better, the team says. Simultaneously there’s a movement to “leave no credit union behind,” and RVCCU is stronger as it’s ever been. “We are the perfect storm,” Duke said of the leadership team. “We all have so much to give in different areas, and we all bounce ideas off each other extremely well. I couldn’t have picked a better team.” In January, RVCCU engaged with on-site staff training with Your Marketing Co. The staff learned how to become an irresistible teammate through the art of communication, empathy and active engagement. The credit union also uncovered key elements that define a healthy culture. “They were so complimentary after the staff training,” Whitmire said. “They’ve said they got the most out of it than they have ever gotten from staff training. We’re making an effort to meet the goals that we want to meet.” Whitmire adds YMC has made the leadership team stronger, too. “YMC has been very supportive, willing to help in any area they can possibly help,” she said. “They are super flexible and understanding.”  Chris Babcock Apiture, a leading provider of digital banking solutions, today announced the launch of Data Portal, a data analysis tool that enables financial institutions to provide a more personalized digital banking experience to consumers and businesses.
Banks and credit unions generate a tremendous amount of data each day, yet most community and regional financial institutions do not have the resources needed to analyze and generate actionable insights from this data. Using best-of-breed business intelligence and data engineering tools, Data Portal consolidates financial data from the Apiture Digital Banking Platform and a wide range of third-party sources and visualizes key insights in easily digestible, interactive charts and graphs. Armed with these insights, financial institutions can define groups of users with similar characteristics and create highly relevant, targeted campaigns to deliver a more personalized digital banking experience. “With Data Portal, Apiture is empowering our bank and credit union clients to take control of their data and deliver informed campaigns that help them attract new customers and cross-sell products and services,” said Apiture CEO Chris Babcock. “Financial institutions of all sizes can take advantage of this highly intuitive tool to deliver the right campaigns at the right time to consumers and small businesses.” As part of Apiture’s comprehensive Data Intelligence solution, Data Portal complements Apiture’s Data Engage tool, which enables financial institutions to deliver tailored guidance to users directly within the Apiture Digital Banking Platform. Using audiences and campaign strategies defined in Data Portal, financial institutions can use Data Engage and other marketing tools to target specific users with advertising or educational campaigns. Apiture also offers Data Direct, which provides real-time access to a robust library of data points that can be used by financial institutions’ in-house engineering teams or technology partners. Members of the Apiture team will be on hand to discuss Data Portal at the American Banker Digital Banking conference, taking place June 24-25 at The Boca Raton in Boca Raton, Florida. To learn more about Data Portal, visit apiture.com/data-portal.  Jim Van Dyke The severity of data breach risks rose to the highest level in two years during the first quarter of 2024, increasing 31% from the same period last year. TransUnion (NYSE: TRU) unveiled its analysis of data breach trends today at the 2024 FinovateSpring conference where the company’s new identity threat intelligence offerings within its TruEmpowerTM solution line were featured as one of the most exciting technologies with real-word applications.
TruEmpower’s enhanced BreachIQ capabilities use a proprietary AI algorithm for personalized identity risk assessment. The technology analyzes an individual’s comprehensive data breach history, generates a personalized dynamic risk score, and recommends clear and concise actions to protect against identity crime. Personalized identity risk assessments are of particular importance as TransUnion’s proprietary Breach Risk Score (BRS) revealed the severity of data breaches climbed to 4.6 in Q1 2024, up from 3.5 in Q1 2023. The BRS is compiled by assigning a risk score for each data breach — driven by an AI algorithm analyzing more than 1,300 breach elements and their risks. TransUnion’s algorithmic analysis showed the increased data breach risks were primarily due to the high level of Social Security number exposures — which occurred in 78% of all publicly reported breaches during the first quarter of 2024. That’s a significant rise from the same period in 2023 when Social Security numbers were exposed in 51% of breaches. This, coupled with high credit and debit card data exposures in 2024, increased the BRS to record levels. “Our consumer research shows upwards of three in four Americans consistently express concerns over having their identities stolen. Yet, when surveyed, most admit not taking any action at all,” said Mike Doherty, senior vice president and head of TransUnion’s TruEmpower consumer solutions. “This inaction has long vexed financial institutions that generally bear the brunt of fraud-related losses. People are actually very motivated to take action — they just need a trusted source and personalized guidance for what to do.” Sounding the alarm on data breaches while providing real-time solutions for consumers The need for personalized data breach analysis comes amid an alarming rise in data breaches. In the first quarter of 2024, the Identity Theft Resource Center (ITRC) reported a 90% increase in data compromises compared to the first quarter of 2023. TransUnion’s ongoing fraud research shows more than 20 million Americans have personal information, such as driver’s license numbers, credit card information and Social Security numbers, exposed in data breaches each quarter. In 2022, consumers experienced $10.3 billion in losses related to cybercrimes and data incidents. TruEmpower’s enhanced BreachIQ identity threat intelligence technology was demoed at FinovateSpring where it was a finalist for an award regarding its innovative nature. Building upon TransUnion’s tradition of credit reporting and education — a key to monitoring identity security — it helps demystify what to do after a data breach. BreachIQ displays a dynamic score based on a large pool of data about a consumer’s individual identity vulnerabilities, data exposure from breaches and the fraud mitigation steps they self-report inside the tool. The dynamic score then adjusts, showing improvements as consumers take preventative actions. The result is a significant change in consumer behavior. While most consumers impacted by data breaches report feeling confused or overwhelmed about what to do (and subsequently take no action), data shows most breach victims who engage with TruEmpower’s enhanced BreachIQ take action to improve their identity threat scores. “Identity safety is a top financial goal of consumers. They want to understand and counter the identity threats they face. Yet, doing so requires much more personalization than they’ve been able to access. They now have clear insights and guidance at their fingertips,” concluded Jim Van Dyke, senior principal of innovation in TransUnion’s Consumer Interactive business.  Amanda Garabedian Adventure Credit Union and Astera Credit Union are excited to announce their plans to merge, pending regulatory approval and a membership vote. This strategic merger will combine the strengths of both credit unions, creating a stronger and more resilient financial institution dedicated to serving members and communities across Michigan. Adventure Credit Union and Astera Credit Union have long histories of providing exceptional financial products and services to their members. By joining together, the combined credit union will leverage shared resources and expertise to deliver enhanced value to their members while maintaining a strong commitment to the communities they serve.
Set to be finalized by the end of 2024, this partnership represents a member-focused effort that would allow the combined organization to enhance the credit union’s commitment to greater access and convenience and increased member value. Overall, the combined assets would be more than $640 million, serving more than 46,000 members with 11 branches throughout the Lansing and Greater Grand Rapids area. If approved, the combined credit union will do business as Adventure Credit Union. “We are thrilled to join forces with Astera Credit Union. Together, we will be able to offer even more robust products and services, while maintaining the exceptional member service and community focus that our members have come to expect.” said Amanda Garabedian, Adventure’s President/CEO. “We are excited to welcome the Astera team and members and look forward to a bright future together.” Martin Carter, President/CEO of Astera, agreed. "We are working collaboratively to pool our resources, the foundation of credit union existence. We are positioning ourselves to offer even greater value to our members through expanded services and enhanced financial stability,” Carter said. “By uniting our credit unions, we are able to serve our members more effectively and contribute more to the communities we serve.” As member-owned cooperatives, and under the guidelines of the National Credit Union Association, full merger approval is contingent upon Astera’s member approval. Upon that approval, the entities will become Adventure Credit Union. As the merger process moves forward, both credit unions will provide information to their respective memberships via their websites, and other applicable communication channels. SavvyMoney Ranks Among Highest-Scoring Businesses on Inc.'s Annual List of Best Workplaces for 20246/18/2024  JB Orecchia SavvyMoney has been named to Inc.'s annual Best Workplaces list. Prominently featured on Inc.com, the list results from a comprehensive measurement of American companies that have excelled in creating exceptional workplaces and company cultures, whether in a physical or a virtual facility.
The Silicon Valley-based company was previously named to the 2023 Inc. 5000 list of the fastest-growing private companies in America. The company ranked 1,403 overall, 89 in the financial services category, and 61 in the San Francisco, Oakland, and Berkeley area, reflecting its impressive 417% revenue growth over the past three years. SavvyMoney was also named a 2023 Inc. Power Partner, highlighting its status as one of the most influential B2B organizations across industries. SavvyMoney's rapid growth continued in 2023, with 265 new financial institutions signing on to deliver its leading credit score and financial wellness solution. After collecting data from thousands of submissions, Inc. selected 543 honorees this year. Each company that was nominated took part in an employee survey conducted by Quantum Workplace, which included topics such as management effectiveness, perks, fostering employee growth, and overall company culture. The organization's benefits were also audited to determine the overall score and ranking. "Each year, Inc.'s Best Workplaces program recognizes the very best in terms of companies that have fostered a truly amazing culture," says Inc. editor-in-chief Mike Hofman. "We use hard metrics and data as well as qualitative measures for judging in order to find the very best — and we're proud that the program is highly selective." "Being named one of Inc.'s Best Workplaces is a tremendous honor and a testament to the amazing culture and team we've built at SavvyMoney," said JB Orecchia, president and CEO of SavvyMoney. "This recognition validates our efforts to create a workplace that values collaboration, innovation, and work-life balance while delivering exceptional products and services to the financial institutions we serve." "At SavvyMoney, we believe that a positive and inclusive company culture is the foundation for success," said Vickie Moul, head of people at SavvyMoney. "We're thrilled to be recognized as one of Inc.'s Best Workplaces, which affirms our dedication to creating an empowering environment for our employees." To learn more about SavvyMoney, visit www.savvymoney.com.  Philip Paul Cotribute, an award-winning embeddable fintech platform helping credit unions grow deposits, loans and memberships, today announced it has collaborated with APCU and Center Parc Credit Union (APCU/Center Parc) to launch an advanced, digital account opening solution designed specifically for small-to-medium sized businesses (SMB). The credit union has launched the commercial account opening module of Cotribute’s Digital Platform to simplify a traditionally complex process, provide business members with a more robust, engaging experience and mitigate risk by maintaining the credit union’s configured Know Your Business (KYB) thresholds.
APCU/Center Parc has nearly $2.5 billion in assets, over 105,000 members and operates thirteen branches across Georgia and North Carolina. The credit union is deploying Cotribute’s commercial account opening module to remove friction and provide businesses with a streamlined account opening process. The digital account opening platform is easily integrated with the credit union’s existing technology infrastructure, enabling the institution to efficiently grow deposits at scale, expand the brand within its geographical footprint and grow its portfolio of SMB members. John Anderson, CLO, APCU/Center Parc Credit Union, said, “At APCU/Center Parc, we know a one-size-fits-all digital business banking experience isn’t going to meet the unique needs of businesses in our community. With Cotribute, we have the flexibility to select the capabilities we currently need, as well as the ability to adjust and configure the system to adapt to market changes. The streamlined applicant consent process combined with automated decisioning will be a game-changer for employees, enabling them to focus their time on building relationships with members instead of manually processing paperwork. This collaboration further demonstrates our unwavering commitment to providing businesses in our community with modern financial tools and services needed to be successful.” Through the FIS Business Integration, APCU/Center Parc will unlock a myriad of benefits. APCU/Center Parc gains the capability to efficiently manage business accounts using Cotribute's advanced platform, marking a significant milestone in their collaboration. This technological synergy promises a multitude of advantages for APCU/Center Parc, including a seamless and digital account opening process that prioritizes member convenience and accessibility. The integration facilitates improved conversion rates for account opening, especially in the realm of Business Account Opening, thereby fueling APCU/Center Parc's growth and profitability. Additionally, by providing a comprehensive 360-degree view of applicant risk profiles, encompassing critical technology risk factors, the collaboration ensures robust risk management practices. Leveraging Cotribute’s Digital Platform, APCU/Center Parc is able to provide businesses with a simplified account opening process, easy, instant funding options, automated KYB requirements, sophisticated fraud detection, as well as automated anti-money laundering (AML), identify verification, OFAC checks and Bank Secrecy Act (BSA) requirements. Additionally, the seamless integration with the Secretary of State filings site enhances security and compliance measures by validating entity information, addresses, and account holders. Leveraging advanced risk scoring capabilities related to entity information, APCU/Center Parc can make informed decisions and proactively mitigate risks. The streamlined applicant consent process minimizes friction and expedites application processing, while improved messaging between applicants and administrators, coupled with enhanced application decisioning workflow, promotes operational efficiency and enhances member satisfaction. Philip Paul, CEO of Cotribute, said, “Cotribute is honored to collaborate with APCU/Center Parc to further accelerate its digital transformation journey and to deliver a best-in-class account opening experience for businesses. Our solution is unique in that it easily integrates with the credit union’s legacy technology infrastructure to extend its capabilities, while reducing risks and increasing productivity. We look forward to a fruitful collaboration built on mutual success.” |
Author: Mike LawsonMarried to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple. Archives
April 2025
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