CU Solutions Group, MD|DC CUA and Other Leagues Form National CUSO

The CUSO has acquired credit union-sector rights of the AffirmX Compliance Solutions Suite.

The Mountain West Credit Union Association (Colorado, Arizona, Wyoming), Maryland & DC Credit Union Association, Indiana Credit Union League, Credit Union League of Connecticut, Cornerstone Credit Union League (Texas, Oklahoma, Arkansas) and CU Solutions Group (CUSG) — a national credit union service organization (CUSO) majority owned by the Michigan Credit Union League — announce the joint acquisition of credit union-sector rights of AffirmX's patented risk management and compliance technology. Focused on strengthening and expanding compliance solutions for credit unions nationwide, the group has formed the multi-league investment entity, AffirmXCU, LLC.

As part of the agreement, the Maryland-based AffirmX will continue to provide servicing on all products and will retain a nominal ownership stake of the newly formed CUSO. CUSG, in conjunction with state credit union associations, will expand and enhance the delivery of the jointly owned compliance offerings. CUSG will also leverage its existing product suite and client base to manage contracts, marketing and sales.

AffirmX currently serves more than 120 credit unions nationwide with bundled and unbundled compliance risk-assessment tools and services, including:

• Enterprise risk management assessment
• Regulatory compliance monitoring
• The AffirmX Four Report Package
• IT risk and vulnerability assessment
• Loan review services
• Fair Lending risk assessment
• Internal audit outsourcing
• Vendor management
• Cybersecurity risk assessment
• ADA compliance servicing

“The new partnership puts Leagues at the center of compliance solutions for credit unions, which has always been our role,” said MD|DC Credit Union Association President/CEO John Bratsakis. “Along with Mountain West Credit Union Association, we were early adopters of the AffirmX platform and are confident credit unions will find it to be an extremely effective, state-of-the-art compliance tool.”

"We are all excited to join with trusted colleagues to invest in, and distribute, affordable and high-quality compliance solutions that will benefit credit unions nationwide,” Scott Earl, CEO of the Mountain West Credit Union Association, said.

As part of the transaction, the new CUSO will have exclusive license to the patent, code, contracts and intellectual property for all AffirmX solutions in the credit union sector. The CUSO will contract with AffirmX to service current and future contracts, and to partner in future product development enhancements.

Several state credit union leagues and associations already distribute and support AffirmX solutions, including the Mountain West, Maryland and D.C., New York, Connecticut, Dakotas, New Jersey, Indiana and Michigan associations. This joint acquisition will seek to expand that network of partner leagues to market and support the AffirmX suite, while also enabling shared ownership of products and services.