MEMBERS Development Company announced that it gained four new owner credit unions last year for a total of 11 new owners in 2017, giving MDC 50 member-owners.
The CUSO’s newest owners are:
- Altra Federal Credit Union of Onalaska, Wis. ($1.35 billion in assets)
- Michigan State University Federal Credit Union of East Lansing, Mich. ($3.27 billion)
- Space Coast Credit Union of Melbourne, Fla. ($4.02 billion)
- UW Credit Union of Madison, Wis. ($2.6 billion).
MDC noted that its owners often refer to the CUSO as their “million-dollar R&D budget” because, together, they “work collaboratively on compelling research, meaningful thought leadership, powerful innovation, and new developments.”
“Collaborating is a common-sense way for credit unions to save on R&D while capitalizing on their staffs’ expertise to develop better ways to serve members,” Jeff Kline, MDC’s chief executive officer, said in a statement. “Here’s an example: Rising student-loan debt is a serious concern for many Americans and is, by itself, too big a problem for most credit unions to solve alone. But working with other leading credit unions allows MDC owners to review private student loan alternatives and develop actionable steps credit unions can take to address the issue.”