Credit Union Vendor Management is your LEVERAGE solution and today’s feature on Common Cents, The LSCU Podcast.
Credit Union Vendor Management (CUVM) provides dependable and cost-effective vendor management solutions to credit unions across the country. Originally created as a Colorado CUSO in 2008, CUVM was purchased in 2012 by LEVERAGE, Credit Union Solutions Group, and Mountain West Credit Union Association. CUVM’s services were expanded at that time to add our full-service option. In March 2021, CUVM became the preferred vendor management solution for CU Risk Intelligence (CURI), a credit-union-centric risk management platform, following a multi-party deal with Affiliates Consolidated Services (ACS), the holding company for the League of Southeastern Credit Unions & Affiliates (LSCU), CU Solutions Group (CUSG), the service corp. for the Michigan Credit Union League (MCUL) and CURI.
Through this deal, ACS has become an owner of CURI along with AffirmX, League InfoSight, CU Solutions Group, CU Resources (Cornerstone Credit Union League’s service corporation), the Mountain West Credit Union Association, Maryland & DC Credit Union Association, Indiana Credit Union League and Credit Union League of Connecticut; and CURI becomes an owner of CUVM, an organization also owned by ACS and Mountain West Credit Union Association.
CURI combined the expertise of League InfoSight and AffirmX to provide affordable solutions addressing the governance, risk management and compliance needs of credit unions of all sizes. As a new owner of CUVM, CURI will sell its vendor management solutions among its other top-tier applications.
Similarly, ACS, through its subsidiary LEVERAGE, will offer CURI’s suite of products to credit unions in Alabama, Florida, and Georgia.
“We are so excited to delve deeper into the ways our separate suites of products can complement each other,” said Kelli Silvernale, vice president of CUVM. “This is such a great deal for CUVM, CURI and ACS – but the ultimate winners will be our clients who can now benefit from this greater array of quality services.”
As part of the deal, ACS has strengthened its strategic partnership with CUVM by increasing its ownership of the company to 51% by purchasing an 11% share from CUSG, who also sold their remaining stake in CUVM to CURI. The Mountain West Credit Union Association remains as the third owner in CUVM.
“Our mission at ACS is to continuously strengthen the products and services we can offer client credit unions to allow them to serve their members in the best way possible,” said Patrick La Pine, CEO of ACS. “We believe in the offerings of CURI and of CUVM and we anticipate great things from this strategic partnership. I’m certain this deal will prove nothing but beneficial to all entities involved – and, most of all, to credit unions.”
CUVM specializes exclusively in vendor management and offers unprecedented personal service to all of our clients.
CUVM currently serves more than 200 credit unions in 35 states.