For its brokered certificate of deposit program and member service standards, Kern Schools Federal Credit Union recently received honors from the Bank Insurance and Securities Association.
The $1.5 billion Kern Schools was awarded the Award of Excellence for Community Based Institution Program of the Year by BISA, a trade association for securities, insurance, and other investment and risk management products. The Bakersfield, Calif.-based cooperative is only the fourth CU to receive the award, according to Kern Schools. The CU's investment and insurance division offer services through CUSO Financial Services LP.
In place since 2001, the BISA award is given to CUs and banks that demonstrate a consistent and effective implementation of practices with a securities, insurance, or combined program, according to BISA. The trade group's board of directors review and judge the nominations based on leadership, program superiority, productivity levels, product innovation, and marketing, integration, technology, education, and compliance initiatives.