NEW YORK--(BUSINESS WIRE)--ModernFi, the leading deposit management platform for financial institutions, today announced the appointment of Jeff Kline to its board as a board observer and advisor. Kline, who recently retired as CEO of Members Development Company (MDC), brings decades of credit union leadership experience and a proven track record of innovation to ModernFi.

"Throughout my career, I've been passionate about driving innovation that truly serves credit unions and their members," said Jeff Kline. "The team and technology at ModernFi are special, and I’m proud that credit unions now have access to reciprocal deposits for the first time through ModernFi CUSO, which was created from an MDC initiative. Reciprocal deposits represent a transformative opportunity for credit unions to grow deposits and member relationships in powerful new ways. I'm thrilled to continue working with the ModernFi team to support this work and set up the credit union industry for future success."

With over four decades of experience in the credit union sector, including 17 years at the helm of MDC, Kline brings unparalleled knowledge to ModernFi's mission of powering credit union deposit and member growth. His appointment comes at a time of significant growth for the company, which has seen rapid adoption of its CUSO deposit network.

Kline was instrumental in the formation of ModernFi CUSO, which originated from MDC's balance sheet marketplace initiative. Under his leadership, the initiative resulted in a dedicated CUSO subsidiary that now enables credit unions to access ModernFi's deposit network and balance sheet optimization tools through a credit union owned entity.

"We’re grateful to have Jeff on the board. His experience in the credit union sector, expertise driving successful innovation, and strong moral compass makes him a very special person," said Paolo Bertolotti, CEO of ModernFi. "ModernFi CUSO exists because of his vision and his unwavering dedication to support MDC’s owners and the larger ecosystem. Jeff’s guidance will be invaluable as we continue to expand our CUSO network and deliver meaningful value to credit unions of all sizes."

Kline’s career in the credit union industry spans over four decades, marked by his roles as a pioneer, industry advocate, CFO, Chief Retail Officer, CEO, board member, and innovator. A Certified Public Accountant (CPA), Kline currently serves on the boards of CU NextGen and Curql Collective. He was a member of the first class to graduate from the CUES CEO Institute and was part of the inaugural class of Filene Research Institute’s i3 program.

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* Insurance provided through participating institutions (subject to certain eligibility conditions). ModernFi is not a financial institution, nor does it offer financial institution deposits and its services are not guaranteed or insured by the FDIC or NCUA.

About ModernFi

ModernFi empowers financial institutions of all sizes to better serve their communities. Through ModernFi, banks and credit unions can grow, retain, and manage their deposit base by sourcing deposits, sweeping funds, and providing additional security to depositors. Founded by a team of veterans from technology and finance, the firm provides financial institutions with end-to-end deposit management built on a modern tech stack and a foundation of compliance. Learn more at modernfi.com.