Insurance Milestone: $10M NCUA Coverage Now Available for Credit Unions via ModernFi CUSO
ModernFi CUSO, the first deposit network designed specifically for credit unions, is excited to announce a significant milestone. Credit unions within the CUSO network can now offer their members access to up to $10 million in NCUA insurance* through a single account. This achievement marks a major advancement for both the industry and ModernFi, as it strengthens the company’s mission to foster credit union growth and support deposit and member retention.
By providing accounts with extended NCUA insurance coverage, credit unions can attract and retain high-value members, such as businesses and municipalities. This offering allows credit unions to reduce their reliance on rate-based competition, while also nurturing long-term relationships with their members. The ability to offer enhanced insurance coverage opens new opportunities for credit unions to serve a broader range of members and ensure their financial security.
The rapid growth and adoption of the ModernFi CUSO deposit network have significantly impacted credit unions, enabling them to quickly capture multi-million-dollar deposit balances while providing increased value to their members. ModernFi CUSO continues to onboard new credit unions on a weekly basis, and as the network expands, so does the value delivered to both credit unions and their members. The ability to support higher levels of NCUA insurance coverage* over time is particularly beneficial, allowing credit unions to cater to large commercial entities, public funds, and nonprofit organizations, thus broadening their potential member base.
The $10 million in NCUA insurance* per account is a key milestone for ModernFi CUSO. By offering this level of coverage, credit union partners can now serve a wider range of members, including businesses and municipalities with substantial deposit needs. This allows credit unions to reduce their reliance on rate-based competition and foster long-term relationships with high-value members.
ModernFi’s growing network includes over 40 credit unions, with the list continuing to expand. This ongoing growth further enhances the service ModernFi offers to its credit union partners and their members, enabling more credit unions to take advantage of the benefits offered by the deposit network.
Industry Recognition and Growth
Mark Ward, Vice President of Product and Operations at ModernFi CUSO, shared his excitement about the network’s progress. “From its inception, ModernFi CUSO has been a collaborative effort with our credit union partners,” he said. “We’re grateful for the adoption and the value we’ve been able to deliver. The growth of the network helped us reach this important milestone, and the $10 million in NCUA insurance* per account allows our partners to serve very large members and balances. We look forward to even more growth and to increasing the value we provide to our partners.”
Jeff Kline, CEO of Members Development Company (MDC), also praised the network’s impact. “MDC evaluated the full universe of solutions to help credit unions with deposit growth through our Balance Sheet Marketplace initiative, and no other solution could support credit unions like ModernFi,” Kline explained. “The deposit network is transformative, and it’s been incredible to see the growth and the value it’s already providing to many MDC credit unions.”
John Carew, Chief Strategy Officer at Georgia’s Own Credit Union, emphasized the strategic importance of the $10 million insurance milestone. “Credit unions have been waiting for a solution like this for decades, and no other provider has been able to deliver,” Carew said. “ModernFi exceeded expectations by delivering this solution in under a year. It’s a game-changer for credit unions, giving us the tools to grow, compete, and better serve our members in ways we never thought possible.”
David Feldhaus, CFO at Ascend Federal Credit Union, highlighted the milestone’s value for high-value accounts. “The $10 million insurance threshold is huge for us,” said Feldhaus. “It will allow us to take our marketing and product offerings for businesses and other large accounts to the next level.”
Enhancing Credit Union Services
For credit unions, this milestone is transformative. The ability to offer accounts with up to $10 million in NCUA insurance* per account gives them a competitive edge in attracting large depositors such as businesses and municipalities. The added insurance coverage builds trust with these members, who need protection for high-value deposits.
Furthermore, the extended coverage reduces credit unions’ dependence on rate-based competition, allowing them to focus on offering superior services, building long-term relationships, and supporting community development. The higher insurance limits enable credit unions to cater to a broader range of high-value members and offer more attractive, secure options for large-scale deposits.
About ModernFi CUSO
ModernFi CUSO is designed to help credit unions of all sizes better serve their communities. Through the CUSO, credit unions can efficiently manage their deposits, offering competitive products that appeal to a wider range of members. By sourcing deposits, sweeping funds, and providing additional security to depositors, ModernFi empowers credit unions to strengthen their financial positions while enhancing the services they offer.
Founded by a team of finance and technology veterans, ModernFi CUSO delivers comprehensive, compliance-based deposit management solutions built on a modern tech stack. This enables credit unions to scale and optimize their operations to meet the needs of today’s dynamic financial landscape.
Partner Credit Unions
ModernFi CUSO is already partnering with over 40 credit unions, and the list continues to grow. Participating credit unions benefit from access to higher insurance limits, a wider range of services, and the ability to attract large commercial clients, public funds, and nonprofit organizations. This expansion is just the beginning, and the network’s potential for credit unions is vast.
