And the winner of the 2020 VentureTech Best of Show is . . .

And the Winner of the 2020 VentureTech Competition is.....

VentureTech is an exclusive, invite-only, event that brings together credit unions, investors and early-stage fintech solutions. Fintech companies from across the country pitch their credit union business solutions to industry investors in hopes of earning investment capital, which will enable them to bring their products and services to the credit union market.

Created by The Veridian Group, Open Technology Solutions and CUNA Strategic Services, VentureTech recognizes rising fintech companies with products and services that give credit unions a competitive edge in the financial services marketplace

Last year NACUSO sponsored VentureTech and awarded the winner a check for $1500.00 and a guaranteed spot in the 2020 NACUSO Next Big Idea Competition. Last year's winner was Illuma Labs. Illuma Labs’ flagship product – Illuma Shield – replaces archaic and intrusive authentication methods like PINs, passwords and personal questions.

This year there were 35 applicants and 11 selected for the VentureTech competition, similar to NACUSO's Next Big Idea Competition that had two play off rounds. Alloy won the first round and Breach Clarity won the second. It was a super close competition with a 58% to 42% winning margin.

Congratulations Breach Clarity for winning Best of Show, the $1500 prize and automatically advancing to the 2021 NACUSO Next Big Idea Competition. Learn more about Breach Clarity in the below overview.

Opportunities in Sale/Leaseback Transactions for Credit Unions as Sellers, Investors and Lenders

Many credit unions own their own office buildings, operation centers and branch network. The real estate may have appreciated in value and if sold, the credit union would have a gain. Current accounting rules permit the credit union to recognize the gain immediately as capital. If the credit union then enters into a long-term lease for the property, the credit union does not disrupt its operations.

The gain on sale can help credit unions cover potential loan losses arising out of the pandemic, provide additional capital to help support growth and all of this happens in partnership with other credit unions through CUSOs.

This sale/leaseback model is not new, but what is new is that the buyers and lessors will be CUSOs. This offers credit unions an investment opportunity that will result in very favorable investment returns from year one. The purchase transactions will also involve some debt, so there will be opportunities for credit unions to make commercial loans to the CUSOs. There are three ways credit unions can benefit from this business model which is launching next year.

Thursday, November 19 | 2:00 p.m. EST

FAST FIVE: Public Policy Insights and Developments - North America

A Weekly Publication from Mastercard

Over the last nine months, the coronavirus (COVID-19) situation has become part of our new reality. Each day presents new challenges and new responses – from governments and organizations alike – that, in turn, presents new realities and challenges we are all feeling deeply.

Mastercard is closely monitoring these events to help ensure we are taking all necessary steps to protect our employees and maintain service to our members.

Thank you Mastercard, our valued Exclusive Premier Card Partner, for these insights. Click on the image to read the latest challenges and opportunities.

Gold Partner Ongoing Operations Presents a Webinar on How to Create a Human Firewall

More than ever, employees are the weak link in an organization’s network security. They are frequently exposed to sophisticated phishing and ransomware attacks. Employees need to be trained and remain on their toes with security top of mind.

As a genre of cybercrime, phishing attacks are nothing new. But this time around, hackers have adapted to the realities of remote work and telecommuting by impersonating trusted tech platforms. Skype, Zoom and Google Meet users are now the targets of manipulative cybercrime. The extent of this new phishing threat is huge. Google’s Threat Analysis Group reported in mid-April that they blocked 18 million COVID-19 themed malware and phishing emails per day.

Wednesday, November 18 | 12:00 p.m. EST