CU leagues form national CUSO, acquire AffirmX’s compliance products
A group of credit union leagues and credit union service organizations have formed a partnership that has acquired the credit union sector rights for risk management and compliance technology from AffirmX.
CU Solutions Group, a CUSO which is majority-owned by the Michigan Credit Union league, said on Thursday that this group has formed a national CUSO, called AffirmXCU, that made the acquisition and that could make further investments.
AffirmX is a Maryland-based risk management and compliance services provider. Under the agreement between the various parties, AffirmX will provide servicing on all its products and retain a minority stake in the new CUSO.
The other credit union groups involved in the venture include the Mountain West Credit Union Association, Maryland & DC Credit Union Association, Indiana Credit Union League, Credit Union League of Connecticut and the Cornerstone Credit Union League’s league service corporation, Credit Union Resources.
“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 Mountain West Credit Union Association, said in a statement.
The new CUSO will also have an exclusive license to the patent, code, contracts and intellectual property for all AffirmX credit union-related products. In addition, AffirmX will service current and future contracts and will work with the new CUSO on future product development.
“We believe our collective energies will provide outstanding value to the credit union community and we look forward to continuing our servicing efforts and product development and enhancement efforts for years to come,” Ken Wolff, AffirmX’s CEO, said in the statement.