Dear Members:
I’m happy to provide you with a mid-year update on our wholly owned credit union service organizations (CUSOs): Accolade Investment Advisory and Lucro Commercial Solutions. Though these CUSOs provide distinctly different solutions, they share three key ingredients that distinguish them from their counterparts—expert staff, consultative and collaborative partnership styles, and meaningful solution offerings. These ingredients work together to drive results and help credit unions improve their businesses and serve their members better.
I’d like to take a moment to highlight their recent efforts and achievements in the first half of 2024.
Accolade Investment Advisory
What they provide: Investment Advisory, Asset Liability Management, Loan Analytics services
CEO: Dave Fearing
In addition to currently managing $1.7 billion in assets under management for 45 investment advisory clients, Accolade has been guiding 80 credit unions through CECL calculations and loan reserve adequacy. Based on client feedback, Accolade has also had a recent focus on product development. They leveraged their ALM and loan analytics platforms to expand product offerings with a budgeting workbook, liquidity stress test reporting, and loan profitability analysis. They also continued to provide timely advice to help credit unions navigate changing economic conditions and the challenging regulatory environment. Accolade’s continued success revolves around the daily professional consulting advice they provide credit unions, along with developing and distributing relevant educational content via economic update webinars and strategy suggestions.
Lucro Commercial Solutions
What they provide: Member business lending support services and digital experiences for business loan applications
CEO: Nick Darvill
Loan Split, Lucro’s new commercial lending participation platform, successfully launched this past January and quickly acquired 45 credit union clients. Impactful user experience suggestions made by credit unions to improve the overall experience of Loan Split are already underway. Lucro is also working on its second core integration for its Digital Business Lending Center (DBLC). The DBLC’s first successful core integration, with Corelation, pulls existing member data into the DBLC, which makes the application process faster/easier for borrowers and more efficient for credit union loan onboarding. And last but not least, enhancements to Evie, Lucro’s lender portal that provides full transparency into the underwriting process, include a new customer relationship tool.
Both Accolade and Lucro were created to meet the needs of our members and yours, and each is central to the ongoing value Corporate One provides credit unions. We leverage the CUSO model to take advantage of the opportunities to help even more credit unions thrive, and we continue to be proud of how our CUSOs shine as incubators of creativity, innovation, and invention.