Members' United Corporate FCU has put its innovation department on the market, spinning off the group into a CUSO that's looking for credit union investors. The entity is capitalized through June 30, and will rely on funding from member credit unions to operate after that date.
The $9.6 billion corporate formed its innovation department in 2006, and has renamed it Nextworks.
"The corporate continues to explore cost-cutting measures, and it made sense for our department to morph into a CUSO," said Charlie White, Nextworks president. "Innovation is incredibly valuable to credit unions, and we want to focus resources in a manner that will generate value for them."
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The new CUSO said it will help credit unions reduce the risk of product development through a shared funding pool. The group's strategy is tied to market changes and provides dedicated resources focused on execution.
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