Lake State Federal Credit Union Joins CU*Answers CUSO

100% Credit Union-owned CUSO, CU*Answers, announced the recent signing of Lake State Federal Credit Union located in Moose Lake, Minnesota to a new CU*BASE® online processing agreement. The credit union has also decided to become an owner of the core data processing CUSO.

Per a Lake State FCU representative, “Lake State Federal Credit Union was looking for an enterprise-wide core data processing platform that offered stability, an ongoing product evolution, and strong integration.” Timothy J. Smith, President/CEO at Lake State Federal Credit Union, stated, “CU*Answers provides a comprehensive, proven core platform that will enhance our business services. The added efficiencies, along with analytical capabilities and forward thinking products including It’s Me 247 Online Banking, Mobile Banking, and Mobile Capture will enable Lake State to provide better member service.”

CU*Answers added that in combination with its CU*Northwest and CU*SOUTH network partners, the total number of credit unions utilizing CU*BASE in either an online or in-house operating environment has now passed 200 in over 25 states, with approximately 1.5 million members processed daily. CU*Answers concluded by stating that approximately 65% of its CU*BASE clients have now invested in CU*Answers Stock Ownership, with each credit union Owner maintaining an equal ownership share and full voting privileges.