CUSO Hires Former Corporate CEO
ProDraft Services Inc. has hired Doug Wolf, the former president/CEO of Midwest Corporate Federal Credit Union, as the payment processing CUSO's new vice president, effective Dec. 1.
Wolf served at the helm of Midwest Corporate in Bismarck, N.D., for 14 years and has nine years in executive management positions in natural person credit unions, including serving as CEO and chief financial officer. At ProDraft, he will be responsible for credit union client relations and service conversions.
"I have been involved in the development of ProDraft and its services over the past few years, and I am excited to reach out to credit unions and share with them what ProDraft Services has to offer as a key service provider," Wolf said.
In a Dec. 14 statement, ProDraft said, "We are excited to have Doug join our staff, and to help us bring a complete correspondent and payment processing services to credit unions that are looking for alternatives. Doug's experience and knowledge of credit unions, and of the services we offer, make him the right candidate to help us move our CUSO forward."
ProDraft in Bismarck, N.D. is owned by 38 credit unions providing correspondent solutions, payment processing solutions, and EFT processing solutions to the nation's credit unions. It was formed as a CUSO in April 2009 but has been providing services to credit unions since 1985, first as part of the North Dakota Credit Union League Service Corp. and then as a division of Midwest Corporate, according to ProDraft.
Wolf's hiring is the latest in transitions among top executives from corporate credit unions to CUSOs. In early December, it was announced that Joseph Herbst, the former CEO of the conserved Members United Corporate Federal Credit Union, was named the new president/CEO of CUMAnet LLC, a mortgage services CUSO. The corporate is now known as Members United Bridge Corporate Federal Credit Union under the NCUA's Corporate System Resolution Plan. Creation of the bridge corporates ensures that 4,600 member credit unions continue to have access to liquidity and payment services, the agency said in November.