CU Competitors Collaborate–and Win

CU Competitors Collaborate–and Win

CU Competitors Collaborate–and Win

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$1.8 billion ORNL Federal Credit Union and $1 billion Y-12 Federal Credit Union are competitors located just a mile from each other in the same market of Oak Ridge, Tenn. Yet a few years ago, they decided to start collaborating for the benefit of all their members, including creating CU Community Title.

Today, the two won the CU of the Year Collaboration & Innovation Award at the National Association of Credit Union Service Organizations’ event in Orlando.

This month, through the superhero-themed “CUES on CUSOs,” every CUES content channel is focusing on credit union service organizations’ “secret powers.” “Just like the special skills of comic heroes help cities and their citizens, the special skills of CUSOs help credit unions and their members”–through innovation, efficiency and expertise, the landing page says.

So we’re excited about how ORNL FCU and Y-12 FCU (which combined boast more than two dozen CUES members) have worked together. We’re also pleased to learn how these additional NACUSO honorees have gone about their innovative and collaborative work: $30 million Element Federal Credit Union, Charleston, W.Va., received the 2017 Credit Union of the Year CUSO Leverage Award for setting the bar on how to use CUSO collaborations to lower costs; provide expanded products and services it would be difficult for the CU to provide on its own; and create value for members through collaboration. Element FCU CEO/Innovator Linda Bodie is the star of CUES on CUSOs’ podcast, “Innovating With CUSOs.”

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