ModernFi CUSO Surpasses 100 Credit Unions in its Deposit Network as it Continues to See Rapid Industry Adoption

NEW YORK — ModernFi CUSO, the credit union service organization (CUSO) focused on enabling extended NCUA insurance* through its deposit network, today announced a major milestone: more than 100 credit unions nationwide have joined the ModernFi CUSO network. The full list of CUSO members can be found here. This achievement underscores the industry’s growing embrace of deposit innovation as credit unions seek new ways to strengthen relationships with members, fuel long-term deposit growth, and serve new member types.

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“Crossing 100 credit union partners marks an exciting moment for ModernFi CUSO and showcases strong momentum across the industry,” said Kelly Zullinger, VP of Institution Success at ModernFi CUSO. “Our growth reflects a shared commitment to collaborating and innovating in service of members. By working together, credit unions are strengthening their deposit base and expanding their ability to serve businesses, municipalities, nonprofits, and individuals seeking greater security and community impact.”

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ModernFi CUSO’s network enables participating credit unions to extend up to $15 million in NCUA insurance per account, helping them attract and retain deposits that might otherwise flow to larger financial institutions. Most notably, ModernFi CUSO has:

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• Allowed credit unions to win new relationships and grow wallet share with businesses, municipalities, nonprofits, and high net worth members
• Served high value member accounts as high as $15mm of deposits today
• Onboarded credit unions ranging in size from $40 million to $18 billion in assets
• Streamlined onboarding to take less than 60 days on average

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How Credit Unions Are Leveraging ModernFi CUSO

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Through rapid adoption of the ModernFi platform, credit unions across the country are using the product to serve new segments, deepen relationships, and compete for large-value deposits. ModernFi CUSO has proven results unlocking new segments for:

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High Net Worth Members

Four Points FCU used ModernFi to provide extended insurance to a high net worth member that previously expressed concerns over insurance limits. Four Points FCU was able to leverage the ModernFi product in less than 60 days from launch.

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Commercial Deposits

Pima Federal acquired the Republic Bank of Arizona (RBAZ) which marked a major expansion for Pima Federal allowing them to retain commercial deposits with a differentiated product.

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‍Large Nonprofits, Foundations, Endowments

Holy Rosary Credit Union leveraged ModernFi and opened a $10M nonprofit account within four weeks of initial outreach, representing over 20% deposit growth.

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‍Public Funds Dort

Financial Credit Union utilized ModernFi to win new municipal accounts by offering fully insured coverage at scale and shifted growth from rate sensitive CDs to long term operating balances tied to service and safety.

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