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Through a partnership of eight credit unions, TriscendNP, LLC and credit union consulting service organization Dollar Associates, LLC, a new CUSO named BenefisCU formed this week under the idea that credit unions could generate non-interest income by offering executive benefits and business protection sales.
TriscendNP, an executive benefits and business protection solutions company in Flower Mound, Texas, joined with Dollar Associates, the Ogden, Utah-based Goldenwest Credit Union ($2.4 billion in assets, 159,009 members) and seven other credit unions to launch the CUSO to "provide participating credit unions a revenue sharing opportunity to market advanced insurance solutions to their credit union executives, members, commercial account holders and peers," according to the announcement.
"We are big believers in the collaborative movement through CUSOs and have been truly impressed with the development of this project over the past several years," Dollar Associates, LLC Partner Dennis Dollar said. "As a result, we invited some of our most innovative credit union relationships to participate in this exclusive equity membership opportunity. We see big things happening at BenefisCU and are excited to be a partner in this CUSO."
Other BenefisCU equity members include MAPS Credit Union in Salem, Ore.; Redstone Federal Credit Union in Huntsville, Ala.; Desert Financial Credit Union in Phoenix; Michigan State University Federal Credit Union in East Lansing, Mich.; Sandia Labs Federal Credit Union in Albuquerque, N.M.; University Federal Credit Union in Austin, Texas and American Heritage Federal Credit Union in Philadelphia.
The announcement stated the initial product lines for BenefisCU will include:
- Executive income benefits;
- Business protection insurance;
- Split dollar retirement plans;
- 457(f) deferred compensation;
- Credit union owned life insurance;
- Section 162 bonus plans;
- Executive disability and long-term care; and
- Advanced insurance protection packages.
"BenefisCU offerings are consistent with the credit union's core business and provide a significant opportunity," Kerry Wahlen, president/CEO for Goldenwest, said. "Goldenwest was the pilot for this new initiative over the past three years and has realized substantial non-interest income. BenefisCU will elevate the existing insurance services of credit unions to a new level."
Dale Edwards, Principal at TriscendNP, said, "We believe the current for-profit vendor relationships with credit unions are inconsistent with the mission of the non-profit community and the credit union collaborative spirit. As financial institutions with insurance offerings, credit unions are uniquely poised to benefit substantially from this disruption of business as usual."
The formation of BenefisCU is the second CUSO to launch in the past week. Late last month, RedZone Protects, LLC was formed to become a CUSO focused on compliance and risk mitigation for credit unions.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
