Insights

Company Announcement

Credit Union Deposit Network Q4 Recap

A Transformative Year for Credit Unions, by Credit Unions

January 15, 2025

At the beginning of 2024, credit unions had no dedicated deposit network. Fast forward to today, and over 40 credit unions are live on the ModernFi CUSO deposit network with 377 and counting in the process of joining. These network partners can now offer accounts with millions in extended NCUA insurance*, supercharging their ability to attract and retain large members, including businesses, nonprofits, public funds, and higher-balance individuals.

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We’re grateful to be building foundational deposit infrastructure exclusively for credit unions. We’re indebted to the 10 leading credit unions who backed the movement early, investing in the CUSO to accelerate the growth and adoption of a deposit network that is for credit unions, by credit unions. Just as importantly, the dedicated CUSO network gives all our partners a voice in shaping solutions that best meet their needs and priorities.

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True to the credit union ethos, the spirit of collaboration made this rapid growth and adoption possible. Thank you to our credit union partners and backers - MDC and Curql - for your commitment in supporting a stronger, more resilient credit union ecosystem. We look forward to another year of growing the value we provide to our credit union partners, their members, and their missions.

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Highlights from Q4

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10 leading credit unions funded ModernFi CUSO to accelerate the growth of foundational deposit infrastructure for the credit union ecosystem.

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Kevin Johnson, CEO at Suncoast, remarked:“Competition for deposits and shares remains elevated, and credit unions need innovative solutions for their relationship management teams to differentiate. ModernFi CUSO’s deposit network levels the playing field against larger institutions who have had access to these products for decades.”

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ModernFi CUSO was featured on The Credit Union Connection, where ModernFi CEO Paolo Bertolotti, Members Development Company CEO Jeff Kline, and Host and Co-founder Sarah Cooke sat down to discuss the evolving complexities of modern credit union operations. Watch the conversation here.

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We collaborated with LoanStreet, the leading loan sharing platform, to host a webinar with 250+ industry participants on “Balancing Act: Driving Deposit and Loan Growth for Credit Union Success.” Catch the replay here.

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Connections Across the Nation

At ModernFi CUSO, partnership means building lasting relationships and connecting with credit unions to familiarize ourselves with their teams, operations, and local communities. We’re committed to getting boots on the ground, wherever our credit union partners are! We look forward to meeting more credit union partners in 2025 and continuing to put the network in deposit network.

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What Credit Unions Had to Say

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Looking Ahead to 2025

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Building on the foundation of the CUSO network, our top 2025 priority is to help credit union partners attract new large members across individuals, businesses, nonprofits, and public funds. We’re rigorously focused on the continued development of our marketing services, which help credit unions go-to-market with Extended Insurance Accounts by providing end-to-end support including prospect identification, sales materials & training, RFP responses, and supporting member conversations. For ModernFi, success is defined as deposit growth for our credit unions, and we’re committed to being extensions of your team until new deposits are won.

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We would love to connect and discuss how we can support your 2025 deposit growth initiatives. If you or your team are attending the below conferences, we would love to meet in person to tell you more about the ModernFi CUSO Deposit Network and how we can support your members.

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Here’s to a great 2025!

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- Tony Karalekas, Head of Business Development at ModernFi (tony@modernfi.com)

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We hope to catch up at:

MDC Winter Owners Meeting on Feb 10-12
GAC 2025 on Mar 2-6
Utah’s Annual Summit on Mar 28-29

Click here to learn more

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* Insurance is provided through program credit unions (subject to certain conditions)

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Disclosures:

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All information contained herein is for informational purposes and should not be construed as investment advice. It does not constitute an offer, solicitation, or recommendation to purchase any security, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. The information contained herein is for institutional use only.

Neither ModernFi Deposit Services LLC, ModernFi CUSO LLC, ModernFi Inc. (collectively ModernFi) nor any of its affiliates are a bank, nor do they offer bank deposits and their services are not guaranteed or insured by the FDIC or NCUA. ModernFi’s deposit network is not a member of the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA), but the banks where money is deposited are FfDIC members and the credit unions where money is deposited are NCUA members. The maximum FDIC or NCUA insurance per Tax ID at each institution is $250,000. If customers have additional deposits at any depository institution that is in ModernFi’s network, then they may not receive full FDIC or NCUA-insurance coverage on the deposits at those institutions. The FDIC is an independent agency of the U.S. government that protects the funds depositors place in FDIC-insured institutions. The NCUA is an independent agency of the U.S. government that protects the funds depositors place in NCUA-insured institutions. FDIC and NCUA deposit insurance is backed by the full faith and credit of the U.S. government.

Any rates shown are hypothetical only and current rates / maximum deposit insurance coverage are subject to change at any time due to changes in market or business conditions. Past performance does not guarantee future results.

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ModernFi's deposit network is offered by ModernFi Deposit Services LLC, a wholly-owned subsidiary of ModernFi, Inc.