PSCU, the payments credit union service organization, has announced that OE Federal Credit Union has joined the cooperative for credit and debit processing support and services, a press release said.
OE Federal, headquartered in Livermore, California, was founded in 1964. Its mission was to work with construction trades.
The release noted that OE Federal is the biggest labor-based credit union, working in six states and with 125 union groups. It has over $1.4 billion in assets.
“PSCU had everything we were looking for in a partner, and we were especially impressed by their member-facing technology that will help us deliver an exceptional member experience,” said Deepak Godhwani, chief financial officer of OE Federal. “PSCU’s history of supporting members directly with its 24/7/365 member support services was also an important part of our decision.”
Read more: PSCU: 2021 Was the Year of Acceleration
Chuck Fagan, president and CEO of PSCU, recently wrote on PYMNTS about how financial institutions have changed in the wake of the pandemic, adding new trends like personalization and digitization much quicker than before.
He wrote that COVID-19 had become known as “The Great Accelerator” at PSCU. Because of the pandemic, issues like consumer confidence, spending levels, labor shortages and supply chains have come into focus.
PSCU’s 2021 Eye on Payments study showed consumers reporting using a mobile wallet increasing by 50% from 2019 to 2021, going from 14% to 21%.
Thirty percent of those said they used a mobile wallet at least a few times per year.
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