CU*Answers, a 100% credit union-owned core data processor, has announced the signing of newly formed ELCA Federal Credit Union to a CU*BASE^® agreement. The Chicago-based credit union is taking advantage of the cooperative CUSO’s “Starting a Credit Union with CU*Answers” program, which provides free CU*BASE data processing services to new credit unions for an initial two-year period.

ELCA Federal Credit Union will provide financial products and services to the 3.7 million members of the Evangelical Lutheran Church in America in more than 9,300 congregations as well as the employees of ELCA’s 65 synods, churchwide organization and related ministries. The Evangelical Lutheran Church in America is one of the largest Christian denominations in the United States and the Caribbean region.

“This is a very exciting initiative for the members of the ELCA,” said Luis Reyes, Chief Operating Officer of the ELCA Federal Credit Union. “Choosing the right data processor was among the most important decisions we’ve made during our implementation. With CU*Answers, we’ve chosen more than just a vendor—we’ve chosen a partner. CU*Answers shares a similar cooperative vision and offers an exceptional price model. The cost savings we’ll realize during the first two years will be very beneficial to us as we start up.” ELCA Federal Credit Union is scheduled to open in the first quarter of 2016.

Scott Page, CU*Answers EVP added, “This program has been embraced by several start-up credit unions nationally. It’s uniquely designed to provide a very significant level of CU*Answers financial participation by providing most CU*BASE processing services free for the first two years. This program is a direct reflection of CU*Answers’ cooperative commitment to assisting credit unions. We realize that data processing is a key component to every credit union’s ability to succeed. Accordingly, CU*Answers designed this program to provide every start-up credit union the best opportunity for attracting new members by providing a high level of service, including an array of self-service products as part of this offering.”

Page added that others interested in starting their own credit union can contact CU*Answers for details regarding its “Starting a Credit Union with CU*Answers” program.