CU 2.0 Podcast Episode 183 Jonathan Taylor CEO CU Sol CUSO on Innovative, Soulful Solutions

The name is pronounced CU Soul and know that the CUSO’s focus under CEO Jonathan Taylor is indeed on soulful solutions to member problems.

You almost want to cue up “Soul Man” and break out in song.

But these are very serious, thoughtful and – yes – quirky solutions that are getting cooked up at the Albuquerque-based CUSO, formed in 2019 and owned by four credit unions located in New Mexico, Washington DC and Guam. They range in size from well over $1 billion to around $30 millon.

The owners did not create CU Sol to provide cookie cutter products.

Nope.

These are products that are unique and they also are laser focused.

Consider CU SAFE: “CU SAFE is an indirect lending solution created by CU Sol that supports survivors of domestic violence. Its mission is to provide a hand up for survivors of domestic violence in providing both credit and financial counselling as well as lending options by pairing organizations that support survivors of domestic violence with partnering credit unions,”spells out a press release.

Another product is Accelewage which starts with the building block that each day an employee works he/she has earned money. Now what if that employee needs a fast $300 – perhaps for an emergency car repair – but doesn’t have available credit?  He could go to a payday lender.

But isn’t the better choice simply to make the employee a cash advance against accrued earnings?

Taylor sees Accelewage rolling out initially to credit unions themselves where many employees live paycheck to paycheck.

But then the tool can also be offered to business members too and that could be a powerful persuader in getting new business accounts.

Taylor also has a range of ideas about innovative insurance products to be offered through the CUSO.

Nowadays the talk is how CUSOs have to be highly focused – and, yes, original – to survive.  CU Soul is definitely both

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