MERIDIAN, Miss.- MUNA FCU announced it has extended its core data processing services agreement for a second term with Fairhope, Ala.-based CU*South. MUNA FCU is an owner of the CU*South CUSO, and MUNA’s CEO, Bo Pittman, serves on the CUSO’s board of directors.
“Bo Pittman and MUNA FCU have been a great success story for CU*South,” said CU*South Director of CUSO Development Starla Honea. “The credit union implemented the tiered member rewards program built into our CU*BASE core platform; this has helped increase member wallet share and encourage PFI behavior.”
The credit union said another element in its success is the addition of holiday loans.
“We see a huge spike in loan applications between Oct 11 and Nov 10—on some days, the CU processes 15 times the average number of loan applications,” said Ms. Honea. “The staff relies on the loan origination software in CU*BASE to get these applications approved and disbursed quickly. Members are happy, and the CU books more new loans that month than they do the rest of the year.”
“MUNA has done an outstanding job of providing financial services in an economically challenged region,” said CU*South CEO Leo Vaulin. “Their holiday loans offer a member-friendly alternative to the predatory lenders, and their focus on developing a sense of ownership in their members helps them build a truly cooperative financial institution.”