NEW YORK--(BUSINESS WIRE)--ModernFi CUSO, the first deposit network for credit unions, is pleased to announce that credit unions in the CUSO network can now provide their members access to $10 million in NCUA insurance* through a single account, a major milestone for the industry and for ModernFi in its mission to support credit union deposit and member growth. By offering accounts with millions in extended NCUA insurance*, credit union partners can further attract and retain large-value members such as businesses and municipalities, reduce reliance on rate, and support long-term member relationships.

The rapid growth and adoption of the CUSO deposit network has allowed network credit unions to quickly benefit from the partnership, capturing multi-million dollar deposit balances while simultaneously delivering increased value to their members. ModernFi CUSO continues to onboard new credit unions on a weekly basis, and this continued expansion only further enhances the value delivered to both credit unions and their members, as higher and higher levels of insurance coverage* can be supported over time. With higher limits, which matter to large commercial entities, public funds, and nonprofits, credit union partners can serve an expanding universe of potential members. A list of ModernFi CUSO’s participating credit unions can be found below, with over 40 partners and counting.

“From its inception, ModernFi CUSO has been a collaborative effort with our credit union partners,” said Mark Ward, VP of Product and Operations at ModernFi CUSO. “We’re grateful for the reception and adoption that we’ve seen from our partners and for the value we’ve been able to deliver to our recent network joiners. The growth of the network has helped us pass this important milestone; $10 million in NCUA insurance* per account is a significant amount, allowing our partners to serve very large members and balances. We look forward to the continued growth of the network as higher insurance limits will only increase the value that we are able to provide to our partners.”

“MDC evaluated the full universe of solutions to help credit unions with deposit growth through our Balance Sheet Marketplace initiative; no other solution was able to support credit unions like ModernFi,” said Jeff Kline, CEO at Members Development Company (MDC). “The deposit network continues to be transformative for the industry, and it is incredible to see the growth of the network and the value that many MDC credit unions have already received through the ModernFi CUSO partnership.”

John Carew, Chief Strategy Officer at Georgia’s Own Credit Union, highlighted the strategic importance of this milestone. “For decades, credit unions have been waiting for a solution like this as no other provider has been able to deliver,” said Carew. “ModernFi not only met the challenge but exceeded expectations by delivering a solution to credit unions in under a year. This is a true game-changer for credit unions, giving us the tools to grow, compete, and better serve our members in ways we never thought possible.”

"The ModernFi team has been an incredible resource and partner as Ascend has grown our strategy around targeting businesses and other high value accounts," said David Feldhaus, CFO at Ascend Federal Credit Union. "The $10mm insurance threshold is a huge milestone that will allow us to take our marketing and product offering with these accounts to the next level."

For more information about ModernFi CUSO and how the CUSO can help your institution grow deposits and member relationships visit modernfi.com/cuso or reach out at contact@modernfi.com.

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

About ModernFi CUSO

ModernFi CUSO empowers credit unions of all sizes to better serve their communities. Through ModernFi CUSO, 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/cuso.