A northern Minnesota credit union has become the first in that state to join the network of credit unions using the Fynanz Inc. turnkey private student lending platform, the company said.
"Credit unions have historically not been very involved in the private student loan marketplace and this has hurt their ability to retain and attract young members. We think that this program, coupled with a number of our other youth focused initiatives, will help us better meet the needs of younger members," said Robbie Thompson, vice president and general counsel at $277 million Members Cooperative CU in Cloquet, Minn.
"The addition of Members Cooperative CU is important to Fynanz as we expand our national footprint. The credit unions participating in the network make education financing possible for a growing number of students and having Members Cooperative Credit Union as a partner will be beneficial to all involved," said Vince Passione, CEO of Fynanz in New York City.
The Fynanz platform is the technology engine for the cuStudentLoans.org lending network, which allows credit unions to originate private student loans.