LIVONIA, Mich. (April 18, 2019) — The Mountain West Credit Union Association (Colorado, Arizona, Wyoming), Maryland & DC Credit Union Association, Indiana Credit Union League, Credit Union League of Connecticut, Cornerstone Credit Union League’s league service corporation, CU Resources (Texas, Oklahoma, Arkansas) and CU Solutions Group (CUSG) — a national credit union service organization (CUSO) majority owned by the Michigan Credit Union League — announce the joint acquisition of credit union sector rights of AffirmX's patented risk management and compliance technology. Focused on strengthening and expanding compliance solutions for credit unions nationwide, the group has formed the multi-league investment entity, AffirmXCU, LLC.
As part of the agreement, the Maryland-based AffirmX will continue to provide servicing on all products and will retain a minority share of the newly formed CUSO. CUSG, in conjunction with state credit union associations, will expand and enhance the delivery of the jointly owned compliance offerings. CUSG will also leverage its existing product suite and client base to manage contracts, marketing and sales.
AffirmX currently serves more than 120 credit unions nationwide with bundled and unbundled compliance risk-assessment tools and services, including:
"We are all excited to join with trusted colleagues to invest in, and distribute, affordable and high-quality compliance solutions that will benefit credit unions nationwide," Scott Earl, CEO of the Mountain West Credit Union Association, said.
As part of the transaction, the new CUSO will have exclusive license to the patent, code, contracts and intellectual property for all AffirmX solutions in the credit union sector. The CUSO will contract with AffirmX to service current and future contracts, and to partner in future product development enhancements.
"Providing credit unions with regulatory compliance tools and consulting has long been a core purpose of state leagues and associations," Dave Adams, president/CEO of CU Solutions Group and president/CEO of the Michigan Credit Union League, said. "Many state leagues — including Michigan — already market the League InfoSight-owned ComplySight product which is used by more than 230 credit unions," Adams added. "The AffirmX suite provides a complement to ComplySight, and in Michigan — and I believe soon in other states — ComplySight and AffirmX will be marketed side-by-side to give credit unions a full suite of compliance resource options."
Several state credit union leagues and associations already distribute and support AffirmX solutions, including the Mountain West, Maryland and D.C., New York, Connecticut, Dakotas, New Jersey, Indiana and Michigan associations. This joint acquisition will seek to expand that network of partner leagues to market and support the AffirmX suite, while also enabling shared ownership of products and services.
"We are excited to officially become a part of the national family of credit unions and their leagues," Ken Wolff, AffirmX CEO, said. "We believe our collective energies will provide outstanding value to the credit union community and we look forward to continuing our servicing efforts and product development and enhancement efforts for years to come."
CU Solutions Group is an award-winning credit union service organization that offers products and services in the areas of technology, marketing, HR performance and strategic advisory, which include web services, mobile app solutions, digital advertising, Save To Win, Love My Credit Union Rewards, Performance Pro and Compease. The company has more than 100 investors comprised of credit unions, credit union leagues and credit union system organizations. Headquartered in Livonia, Mich., the organization serves more than 3,400 clients nationwide and has strategic partnerships with Intuit TurboTax®, GSTV and CU Vendor Management. For more information, visit CUSolutionsGroup.com.
AffirmX is an industry-leading risk management and compliance services provider presenting clients with the prioritized, relevant and timely information they need to lower the cost of proactive risk management. They provide compliance tools for credit unions and banks that reduce the costs, workloads and anxieties associated with regulatory compliance. With more than 120 credit union clients and scores of association partnerships, AffirmX is a leader in the field of compliance management solutions. For more information, visit AffirmX.com.
Nick Olexa, VP of Corporate Marketing