ICCU Invests in Future of Credit Union Deposit Growth Through ModernFi CUSO

Leading credit union embraces innovative deposit growth technology to enhance member services

CHUBBUCK, Idaho & NEW YORK--(BUSINESS WIRE)--Idaho Central Credit Union (ICCU), one of the largest credit unions in the United States, is proud to announce two significant milestones in strengthening deposit and member growth: strategically investing in ModernFi CUSO and joining ModernFi’s innovative deposit network. This dual commitment marks a pivotal moment in the credit union industry's approach to balance sheet management and safeguarding member funds. ICCU's strategic decision underscores the growing collaboration among credit unions to power critical financial infrastructure and enhance member services.

A Network Built for Credit Unions, by Credit Unions
As a credit union service organization (CUSO), an entity partially owned by credit unions and exclusively serving credit unions, ModernFi CUSO is aligned with the credit union ecosystem and its ethos of people helping people. As the first deposit network built for credit unions, ModernFi is dedicated to providing foundational infrastructure to credit unions, supporting their mission to serve new and existing members and communities. By unlocking the full power and potential of a dedicated credit union sweep and reciprocal program, ModernFi CUSO is leveling the playing field and empowering credit unions to win large-dollar relationships. With ModernFi, ICCU can provide accounts with extended NCUA insurance* to grow deposits and large-value member relationships, including businesses, nonprofits, public funds, municipalities, and higher-net-worth individuals. ICCU and other network credit unions can also utilize the network to effectively manage their balance sheet by sourcing funding on demand and sweeping excess liquidity to generate fee income.

"Our partnership with ModernFi perfectly aligns with ICCU's mission. Their innovative platform empowers us to better serve our members, accelerating our ability to meet the evolving needs of our community. This collaboration represents a significant step forward in our commitment to providing cutting-edge services to our members," said Brenda Worrell, CEO at ICCU.

Brian Berrett, CFO at ICCU, highlights the impact of partnering with ModernFi on the credit union's capabilities. “ModernFi's commitment to our success has been clear," said Berrett. "Their industry-leading technology and true partnership mentality have enabled us to implement sophisticated deposit solutions, significantly enhancing our ability to serve and protect our members."

"We're honored to welcome Idaho Central to the CUSO and ModernFi deposit network," said Tony Karalekas, Head of Business Development at ModernFi. "ICCU's investment and participation affirm our mission to provide credit unions with the tools they need to thrive in today's dynamic financial environment. Together, we're building a stronger, more resilient credit union ecosystem."

* Insurance provided by participating credit unions (subject to conditions)

About ICCU
Idaho Central was organized as a state-chartered credit union in 1940. The credit union’s administrative office is located in Chubbuck, Idaho. Idaho Central has over 1,800 employees serving over 650,000 members with 50+ locations throughout Idaho and Washington and over $12 billion in assets. Idaho Central is a full-service, federally-insured financial institution and is ranked as a top credit union in the nation in returning value to its members. For an Idaho Central location near you, please visit ICCU.com.

About ModernFi CUSO
ModernFi CUSO empowers credit unions of all sizes to better serve their communities. Through ModernFi CUSO, credit unions can grow, retain, and manage their deposit base by sourcing deposits, sweeping funds, and providing additional security to depositors. Founded by a team of veterans from technology and finance, the firm provides financial institutions with end-to-end deposit management built on a modern tech stack and a foundation of compliance. Learn more at modernfi.com/cuso.