In an era of increasing financial complexity and technological advancement, credit unions in New York must continuously innovate to meet the evolving needs of our members. One of the most significant conveniences credit unions have is shared banking.
 
Shared banking, also known as shared branching, allows members of participating credit unions to conduct transactions at branches of other participating credit unions. Across New York alone, 71 credit unions currently participate in shared branching. This model not only increases the number of locations where members can conduct their financial transactions, providing greater convenience and flexibility but also reinforces the fundamental motto of credit unions—people helping people.
 
Here’s why shared banking is important to credit unions:
 
Expanding Access and Convenience: New York is home to a diverse population spread across many towns and neighborhoods. For many residents, especially those who commute or live in less densely populated areas, accessing their credit union branch can be challenging. Shared banking effectively addresses this issue by providing members with access to additional branch locations. Regardless of location, you can conduct your banking business with ease without the need to search for your home branch.
 
Enhanced Member Satisfaction: By offering a broader network of branches, credit unions can improve member satisfaction. Members appreciate the ability to perform transactions at multiple locations, which enhances their overall banking experience.
 
Competitive Advantage: Shared branching helps credit unions compete with larger banks by offering comparable access to physical locations. This can attract potential members who might otherwise prefer the extensive branch networks of big banks.
 
Community Focus: Shared branching supports the cooperative and community-oriented nature of credit unions. By working together, credit unions can better serve their members and communities, reinforcing their commitment to mutual support and cooperation. In the event of a natural disaster or other emergencies that might affect a credit union's physical location, shared branching provides continuity of service. Members can still access their accounts and conduct transactions at other participating branches.
 
Membership Growth: At the heart of the credit union philosophy is the idea of community and cooperation. Offering shared branching can be an attractive feature for potential new members, helping credit unions grow their membership base by providing added value and convenience.
 
Fostering Community and Collaboration: Shared banking exemplifies the spirit of the credit union philosophy by fostering collaboration among credit unions. By working together, we can provide superior service and resources to our members, which might be unattainable for a single institution operating in isolation. This not only strengthens individual credit unions but also enhances the overall resilience and service quality of the credit union network.
 
Shared banking is more than just a convenience. Shared branching is a testament to the power of cooperation and the enduring commitment of credit unions to their members. By embracing shared banking, we are not only enhancing our services but also reinforcing the core values of our movement. Together, we can build a stronger, more connected, and financially empowered community.

This is a link to all the credit unions in New York that currently participate in Shared Branching:
 https://www.universalsharing.com/credit-unions/who-s-in-the-network

​Velera – formerly PSCU/Co-op Solutions, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider – has been named to the Forbes list of America’s Best Employers for Women 2024. Velera is one of 600 companies included on the list, ranking in the top 200 of employers overall and the top 15 in the Banking and Financial Services industry.  
 
This prestigious award is presented by Forbes and Statista Inc., the leading statistics portal and industry ranking provider. America’s Best Employers for Women were identified in an independent survey from a vast sample of over 150,000 women working for companies employing at least 1,000 people within the U.S. from all industry sectors. More than four million employer evaluations are considered, based on the following three categories:
 

1. Personal Evaluations: Respondents were presented with a battery of statements about their current employer, in terms of topics related to Atmosphere & Development, Diversity, Image, Salary/Wage, Workplace, and Working Conditions, as well as topics women are often confronted with in the workplace: Representation & Career, Pay Equity, Discrimination, Flexibility, Family Support, and Parental Leave.

 

1. Public Evaluations: Women participants were given the chance to evaluate other employers in their respective industries, or the employers of friends, acquaintances, and family members that stand out either positively or negatively.

 

1. Diversity Among Top Executives/Board: Index based on the percentage of women among top executives and board directors.

 
Ultimately, these categories were evaluated and combined to create a final score, with companies with the highest scores making the list.
 
“While Velera has evolved significantly over the past year, our team’s longstanding commitment to providing an inclusive, people-focused and supportive culture has remained constant,” said Chuck Fagan, president and CEO of Velera. “We are extremely proud to be recognized for this continued commitment by being named one of America’s Best Employers for Women, and it is humbling to know we were given this recognition due in large part to responses and opinions from our own employees and associates.”
 
Velera prides itself on cultivating a diverse, equitable and inclusive community where differences are embraced and treasured. More than 30% of Velera’s workforce is actively involved in one of its Business Resource Groups (BRGs), with its Susan Adams Gender Equality (SAGE) and InspiHer resource groups focused on fearlessly leading the change to make gender equality a reality.
 
“Velera proudly employs thousands of the most talented women in the credit union industry, and it is extremely gratifying – especially as a woman in a leadership role – to be given this recognition from Forbes,” said Cheryl Middleton Jones, chief people officer, Velera. “To be listed alongside other companies that promote the advancement and success of women is truly an honor, and we look forward to continuing this focus for years to come not only at Velera, but across the credit union industry.”
 
In 2023, the company was named by Forbes as one of America’s Best Midsized Employers and was one of just 57 companies globally to win the Gallup Exceptional Workplace Award, which recognizes the most engaged workplace cultures in the world.
 
Forbes’ full list of America’s Best Employers for Women can be viewed at forbes.com/lists/best-employers-women/. 

​TriVerity, a Velera company, announced it has partnered with AKUVO, a technology company specializing in collections and credit risk. The integration will facilitate a seamless process for third-party charge-off collections through AKUVO’s cloud-based collections platform to help maximize credit unions’ recoveries from non-performing loans.
 
“We are thrilled to incorporate AKUVO's cloud-based capabilities into our comprehensive delinquency management suite through this partnership,” said TriVerity Senior Vice President, Client Service and Marketing Wendy Elieff. “This relationship will bolster TriVerity’s ability to efficiently recover charged-off accounts while providing credit unions with a single-source delinquency management solution that elevates the member experience.”
 
Built by a team of individuals with more than 20 years of experience, AKUVO employs a data-driven and behavior-based approach to credit risk and delinquency management. The addition of AKUVO’s platform, leveraging automation and analytics, will enhance TriVerity’s offerings by providing advanced guidance and improving workflow through continuous connections with core processors, credit bureaus, payment providers, text messaging services, legal resources and more.
 
“We are pleased to partner with TriVerity to provide a seamless process for third-party charge-off collections, ultimately strengthening collectability and revenue benefits for credit unions,” said AKUVO SVP of Relationships Mike Ruggiero. “Through this partnership, the integration of AKUVO’s efficiency-focused collections platform will generate operational insights and support TriVerity in optimizing charge-off strategies.”
 
For over three decades, TriVerity has been recognized as the industry’s leading expert for third-party collections of all loan types. The organization is known for building partnerships that result in reduced delinquency, prioritizing service excellence and guiding borrowers in the resolution of delinquencies.
 
In addition to its third-party offerings, TriVerity – in partnership with Velera – provides first-party collection staffing solutions for financial institution collection departments to minimize losses on their delinquent active loan portfolio. TriVerity’s comprehensive delinquency management suite of services, payment portal and client support work together to minimize losses from unpaid loans.

OneAZ Credit Union is thrilled to announce a new partnership with Curql, to accelerate the Credit Union’s digital transformation.

“Joining Curql Fund II is a transformative step for OneAZ, enabling us to engage with trailblazing technology that has the potential to revolutionize the credit union industry,” said OneAZ President & CEO Brandon Michaels. “We are thrilled at the opportunity to have a seat at the table to review and potentially invest in advanced technology that could place us at the vanguard of innovation. By partnering with Curql, we’re committing to embracing innovative solutions that allow us to fulfill our mission of driving prosperity for all Arizonans.”

Osman Ulhaq, OneAZ Chief Strategy & Growth Officer, added: “This fund represents a significant opportunity for us to not only diversify our portfolio but also to embrace innovative technologies that can propel our services to new heights. Our commitment to driving prosperity and community growth through innovative solutions remains stronger than ever.”

Curql connects credit unions like OneAZ with advanced technologies that have the potential to enhance operations and member impact. By forming strategic alliances with companies delivering cutting edge technologies, OneAZ will have access to collaborative relationships that may result in investments in innovative technologies that will help the Credit Union thrive in this competitive technological landscape.

”OneAZ is a force in Arizona with promise to lead nationally as many credit unions in the Curql ecosystem already do,” said Nick Evens, President and CEO of Curql. “They’re a welcome addition to the 120+ (and quickly growing) list of credit unions across the nation joining forces to help credit unions compete against big banks and fintech conglomerates. We’re proud to partner with OneAZ and welcome other like-minded credit unions to the table – big and small.”

This strategic partnership places OneAZ among the leaders in innovation in the Arizona credit union space. OneAZ’s commitment to delivering cutting-edge technology for its members is unwavering and this partnership is a testament to that promise. By investing in Curql Fund II, OneAZ has the opportunity to be a trailblazer, not just in Arizona, but in the national financial services landscape.

The 2024 World Credit Union Conference concluded Wednesday, July 24, with a block party that put the finishing touches on a spectacular four-day event at the Boston Conference and Exhibition Center.
​
2,397 credit union professionals from 57 countries attended the conference—the first held in the United States since 2015. COVID-19 forced the cancellation of the 2020 World Credit Union Conference in Los Angeles, causing the nine-year gap.

WCUC 2024 featured more than 40 keynote presentations or breakout sessions from more than 70 speakers—on topics that included:

• Generative AI
• Cybersecurity
• Regulation & Advocacy.
• Financial Inclusion and Education.
• Growing Younger Membership
• Business Strategy & Influence.
• Sustainable Finance.

New faces and familiar voices
WCUC 2024 featured dozens of new speakers and presenters discussing new and emerging issues.

In his first keynote presentation at a World Credit Union Conference, Shawn Kanungo opened thousands of eyes to some of the readily available online AI tools credit unions can use to boost everything from their web presence to the presentation of their data.

But this year’s conference also welcomed back many long-time supporters of the global credit union movement, who shared personal stories about their experiences and lessons learned over the years.

Dr. Brandi Stankovic, Principal of Strategic Advisory Solutions, addressed the Joint Global Women’s Leadership and WYCUP event "Leading Through Networks" to share the story of how she and her mother, Sue Mitchell, CEO of Mitchell, Stankovic & Associates, have worked tirelessly to grow both of those networks over the course of the past few decades.

The mix of old and new helped attendees reflect on our movement's past and focus on how to grow our future relevance as well.

Strong press and social media presence
Press coverage of the event was the strongest to date, with several journalists from the United States joined at the event by media members from Brazil, Nepal, India and Korea.

Stories from the 2024 World Credit Union Conference were featured in more than 200 articles published by over 100 news outlets across 10 countries.

WCUC 2024 also was a hit on social media. Our #wcuc2024 hashtag was used more than 1,500 times on Twitter, Instagram, Facebook and LinkedIn posts.

Get ready for 2025
Next year, World Council of Credit Unions will host the 2025 World Credit Union Conference in Stockholm, Sweden, July 14-16. To learn more, visit wcuc.org/stockholm.

“While America’s Credit Unions has concerns with the American Housing and Economic Mobility Act, we commend Senator Warren’s desire for housing reform in our country. We thank her for keeping Community Reinvestment Act language that harms credit unions out of this bill, and understanding how these additional regulatory and financial burdens would create difficulties for credit unions as well as the 140 million Americans they serve.
 
Today’s news is a culmination of incredible coordination within the industry to successfully tell the story of credit unions fulfilling their fundamental duties of serving the underserved. As banks continue to chase profits, close their doors, and leave communities behind, credit unions will always hold themselves to a higher standard, and it’s clear that lawmakers understand and appreciate the credit union difference. This is a win for our industry, but the work continues until every American can live their best financial lives by choosing to trust credit unions.”

​– America’s Credit Unions President/CEO Jim Nussle

World Council of Credit Unions (WOCCU) will continue its work to strengthen credit unions in Ukraine by helping them provide more business lending through the new GROW Project, a four-year, $10 million initiative funded by the U.S. Agency for International Development (USAID).
​
The GROW Project (2024-2028) will expand access to finance through credit unions for individuals seeking to start a busines, and for existing legal entities looking to expand their operations. The GROW Project will work with credit unions to assist entrepreneurs, as well as micro, medium and small enterprises (MSMEs), cooperatives, farms and other individuals in rural areas of the country.
To facilitate this, the GROW Project will:

• increase credit union liquidity to make business financing more available.
• improve the enabling environment for credit union operations.
• deepen the technical capacity of credit unions to provide and promote their financial services.
• address the specific challenges of women and other vulnerable populations in accessing financing for business development.

WOCCU will work closely with the United Credit Unions (UCUs) in Ukraine, specifically the Ukrainian United Credit Union and the United Credit Union of the Ukrainian National Association of Savings and Credit Unions, to develop processes, products and partnerships that maximize credit union reach and positively impact local communities and economies.

As the regulatory environment of Ukraine’s credit unions continues to shift to align with the European Union (EU), WOCCU will also work with the credit unions to adapt to new and upcoming prudential regulations.

The GROW Project will continue much of the work started by the WOCCU/USAID Credit for Agriculture Producers (CAP) Project in Ukraine (2016-2024), which closes in September.

The CAP Project and WOCCU’s International Advocacy team were instrumental in providing extensive analysis, feedback and advocacy input for a 2024 law that allowed Ukrainian credit unions to provide financing to legal entities for the first time in the country’s history.

“It is a remarkable feeling to know that much of the great work our CAP Project team did to ensure credit unions can provide lending to businesses can now be further implemented through GROW. We look forward to working with our partner credit unions to ensure they can increase liquidity and grow their business loan portfolios to better support their local communities,” said Angelina Tracy, WOCCU Vice President of Strategic Growth and Partnerships.

The GROW Project also seeks to raise public awareness about the overall benefits credit unions provide, and to implement activities that will improve financial literacy for new and existing credit union members as the sector expands its reach.