Tuscaloosa CU and Red River Mill Employees FCU Move to CU Impact
Lower East Side People's CU and Neighborhood Trust CU plan to convert to CU Impact later this year
For Immediate Release
New York, New York (May 25, 2017) - The National Federation of Community Development Credit Unions (Federation) and EPL, Inc. today announced that $72.9M Tuscaloosa CU in Tuscaloosa, Alabama and $7.9MRed River Mill Employees FCU in Natchitoches, Louisiana have moved to CU Impact, the first shared core processor created for Community Development Financial Institutions (CDFIs), who serve low- and moderate-income members. Also announced is the planned conversion of $49.9M Lower East Side People's FCU and $10.2M Neighborhood Trust FCU, both of New York, New York, to CU Impact in late 2017.
CU Impact, developed by the Federation and powered by EPL's i-POWER® system, combines the Federation's expertise and 40+ years of experience in working with unbanked and underbanked consumers, and EPL's innovative, open-architecture software solutions. CU Impact's customized core platform supports and measures the impact of credit union products and services that build members' financial security. By aggregating the accounting, compliance and processing functions across credit unions with a shared mission, CU Impact also achieves efficiencies that allow credit unions to invest more in their members and communities.
"Tuscaloosa CU competes with multi-billion dollar banks and fintech companies," said Tommy Cobb, CEO at Tuscaloosa CU. "To remain sustainable, we had to choose a core provider who provides dynamic software that can outpace the changing financial services industry, addresses evolving security challenges and offers strong back-office solutions - all at an affordable price. CU Impact gets 5 stars in each of these areas," he added.
EPL, a credit union service organization (CUSO) that provides technology and software solutions to credit unions nationwide, along with its majority shareholder Dedagroup, an IT group supporting technology strategies within global financial enterprises, is uniquely positioned to provide new and innovative products and services to underserved communities. CU Impact comes equipped with automated lending tools that can be tailored to the underwriting criteria relevant to low-income consumers, mobile banking apps that integrate with user-friendly online banking, data analytics to provide insight into the varying needs of all member segments and a committee of credit union leaders whose focus is on product development that meets the needs of low-income members.
"CU Impact is transformative technology that combines the expertise, commitment and capital of the Federation, EPL and Dedagroup," said Blake Myers, fintech director at the Federation. "Together, we're able to provide a solution for credit unions of all sizes that allows for the expansion of community-oriented growth, increased impact and an improved member experience."
Unique to CU Impact is a product enhancement committee whose purpose is to guide system enhancements specific to serving low-income consumers. CU Impact's Product Enhancement Committee includes: Pat Neighbors, CEO, Community CU of Southern Humboldt; Fadhila Holman, CEO, Cooperative Center FCU; Carla Decker, CEO, District Government Employees FCU; Brenda Dominguez, Chief Lending Officer, Guadalupe CU; Linda Levy, CEO, Lower East Side People's FCU; Rafael Monge, CEO, Neighborhood Trust FCU; Eunice Rogers, CEO, NRS FCU; Laura Ryll, COO, Peach State FCU; and Tommy Cobb, CEO, Tuscaloosa CU.
For more information, visit www.inclusiv.org or www.eplinc.com.
About the National Federation of Community Development Credit Unions:
The National Federation of Community Development Credit Unions is a certified CDFI Intermediary representing community development credit unions (CDCUs) that provide credit, savings, transaction services and financial education to underserved communities. Founded in 1974, the Federation is headquartered in Lower Manhattan with offices in Madison, WI. The Federation offers a wide range of advocacy, educational, training, investment, marketing, and outreach programs to support and assist CDCUs. For more information about the Federation and its programs, please visit www.inclusiv.org. Find the Federation on Facebook, Twitter, and on Linkedin.
About EPL, Inc.:
EPL, Inc.'s (EPL) custom software solutions maximize success while improving the member experience for credit unions of all sizes. By leveraging technology and specific member data, EPL's innovative solutions help client institutions address challenges related to growth and relationship-building. We continually invest in our team and products to deliver an evolving and comprehensive open-system suite of solutions. Founded in 1977 by industry leaders, EPL is a credit union service organization (CUSO) headquartered in Birmingham, Ala. Get Connected today at www.eplinc.com. Find EPL on Facebook, Twitter and on LinkedIn.
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