Case Study: CapEd Credit Union streamlines deposit insurance and retains large members with ModernFi CUSO

How CapEd Credit Union Streamlined Deposit Insurance and Strengthened Member Relationships through ModernFi CUSO

CapEd Credit Union, a financial institution with over $1.6B in assets, faced increasing complexity in managing deposit insurance for its large public fund and nonprofit members. Their legacy approach involved a patchwork of three separate solutions, including a costly letter of credit, which was restrictive and expensive to maintain. CapEd partnered with ModernFi to find a more streamlined and robust way to insure these large deposits and strengthen member relationships.

By implementing the ModernFi CUSO platform, CapEd consolidated its deposit insurance into a single, scalable solution. This allowed them to insure up to $15 million per account, retain over $6 million in deposits, and eliminate the need for an expensive letter of credit, freeing up their balance sheet. The results included over $200,000 in potential net income and an eight-fold increase in insurance limits. ModernFi provided CapEd with a powerful tool for member retention, financial efficiency, and future growth.

CapEd Credit Union

Mendi Hawkins

Treasury Management Operations Manager