Chartway Credit Union has formed a new credit union service organization called Chartway Ventures that will invest in fintechs that complement its operations.
"These investments will be carefully chosen for their innovative approach, scalability, compatibility with Chartway's operations and potential for strong economic returns for credit union members," the Virginia Beach, Virginia-based company said in the release.
The $2.6 billion-asset Chartway brought together several industry experts to serve on the CUSO's volunteer board, including Steve Warnecke as its chairman.
Warnecke, a Chartway Credit Union board director, is a media executive with more than 20 years of domestic and international experience in TV program distribution, media sales, sponsorship and management in both broadcast and cable.
"We're all very excited to see the impact Chartway Ventures will have on the credit union community," Brian Schools, Chartway Credit Union's president and CEO, said in the release. "Developing our own CUSO will allow us to drive innovation, foster collaboration, generate revenue and reduce costs, all of which help better serve our members."
The National Credit Union Administration recently indicated that it wants to
More than 1,000 CUSOs are in operation today including one newly unveiled by Glia.
Glia, a financial technology firm based in New York,
Chartway Credit Union earned $9.4 million in 2022, a 28% decrease compared with a year earlier, according to call report data from the National Credit Union Administration.
Chartway serves more than 200,000 members with branches in Utah, Texas and Virginia.
