In an effort to increase the availability of safe, low-cost transactional accounts for consumers, the California and Nevada Credit Union Leagues reached out to its member credit unions to offer an account that meets the National Bank On Standards. Nader Moghaddam, President and CEO of Financial Partners CU—who became Bank On-certified in 2019—stepped in to help lead the charge and share the credit union’s success with the initiative.

Leagues Vice President of Social Impact Daniel West connects with Financial Partners CU’s Senior Vice President of Lending and Chief Lending Officer Joseph Brancucci for a Part 1 of 2 discussion of the credit union’s Bank On approach, how it utilized this tool to reach and engage with new and existing members, and the community result.

“I think the biggest risk that [credit unions] face by not embracing the [Bank On] strategy is that you are not going to become relevant,” said Brancucci. “Unless you can compete with the big banks as a big bank, you are not going to compete as a credit union.”

Watch Part 1 here.

To learn more about Bank On or becoming certified, click here. 

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