Leading Credit Unions Including ABNB Fund ModernFi CUSO to Drive Deposit Growth via the First Credit Union Deposit Network
We are proud to announce that ABNB Federal Credit Union has joined forces in an investment round for ModernFi CUSO. This strategic partnership with Curql Collective, Members Development Company, and nine other credit unions nationwide is a significant step forward in our mission to enhance our services and better serve our members.
“As deposit retention and member growth continue to be top of mind for credit union leaders, we see ModernFi CUSO as a critical lever for growth moving forward. The introduction of a deposit network dedicated to credit unions is a major milestone for the industry,” said Charles Mallon, Jr., CEO at ABNB.
ModernFi CUSO is the first credit union deposit network that provides additional insurance and other services for large-dollar depositors. By participating in this initiative, ABNB is positioning ourselves to offer members extended NCUA insurance coverage, ensuring their deposits are secure beyond the current $250,000 limit per depositor. This partnership will also enable us to provide a seamless end-to-end deposit management platform, making banking more accessible and efficient for our members.
As a digitally focused credit union, ABNB will continue to leverage cutting-edge technology to transform the financial landscape and deliver innovative solutions that meet the evolving needs of our members.
Learn more about this exciting development and how this collaboration will impact the future of banking click here.