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The investment advisory arm of CommunityAmerica Credit Union said last week it had signed the Los Angeles-based University Credit Union as an investment program client.
CommunityAmerica said University CU, with $780 million in assets, is the latest credit union to join the investment program that is part of CommunityAmerica Financial Solutions, or CAFS. CommunityAmerica created the CUSO in 2018.
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"We have been offering financial planning and investment solutions for our own 250,000 members since 2001 so helping other credit unions be successful in the space is a natural next step," Mike Haggerty, president of CommunityAmerica Financial Solutions, said in a statement. "Additionally, CAFS is a credit union-owned CUSO, so we are familiar with the opportunities and challenges credit union leaders face in delivering an experience geared toward enhancing their members' well-being."
CAFS said it has a team of more than 60 professionals who support credit unions around the country. University CU serves the university community, including students, faculty and graduates of colleges and universities in Southern California. CAFS said it delivers a "sophisticated digital experience" to credit unions building investment programs and those with more established programs.
University CU, founded in 1951 and serving more than 41,000 members, said its partnership with CAFS would build on the credit union's existing investment program.
"We selected CommunityAmerica Financial Solutions because they offer the best of two worlds for our members. A high-touch service model that feels like a boutique experience, backed by 'best of breed' technology," David Tuyo, president/CEO of University CU, said in a statement. "The combined approach helps to deepen our member relationships in a way that benefits their overall financial health."
CommunityAmerica Financial Solutions has one other credit union investment program client, a spokesperson said. In May 2018, the $6.15 billion, Long Island City, N.Y.-based United Nations Federal Credit Union announced CAFS would serve as the credit union's investment advisor, succeeding Raymond James Financial Services.
"We chose CAFS as our partner because their organization understands the global nature and mobile lifestyle of our membership," Joseph Marasciullo, vice president of Global Financial Services at United Nations FCU, said in a statement at the time. "CAFS allows us more flexibility in serving our members globally."
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Mike Scarcella
Mike Scarcella is a senior editor in Washington on ALM Media's regulatory desk. Contact him at [email protected]. On Twitter: @MikeScarcella. Mike works on a slate of newsletters: Supreme Court Brief | Higher Law | Compliance Hot Spots | Labor of Law.
