The controversy-plagued, conserved Alabama One Credit Union was one of seven credit unions that shared minority ownership of EPL, the software writing CUSO that inked an agreement with the National Federation of Community Development Credit Unions to produce a new core processing platform.
On Sept. 29, the trade association announced it had signed a deal with the software development CUSO EPL Inc. to produce a processing platform that would accommodate ongoing innovation, and facilitate collaboration and service sharing for its member institutions.
EPL has begun working to develop the platform, and EPL President/CEO Wayne Benson said the CUSO anticipates its first CDCU clients will be utilizing it by the end of 2016.
A representative for the CUSO said Alabama One used EPL's software in-house. The representative explained the CUSO did not actually run Alabama One's processing; rather, the cooperative ran EPL's software.
Benson later wrote in an email that the CUSO would not say more out of respect for its client credit union and due to what he said was an ongoing investigation.
“EPL works with many credit unions in a variety of respects and capacities,” Benson wrote. “Among those credit unions with which we work is Alabama One. As a general rule, we do not disclose the specifics regarding the nature of our working relationship. In this particular case, we cannot comment on your question, given that an investigation is ongoing. Out of respect for our client and for the investigation, we will not speculate further or discuss additional details at this time.”
Read more about the EPL/Federation processing partnership and its possible impact on the credit union industry in the Oct. 14, 2015 print issue of CU Times.
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