After completing a year-long testing and vetting process, Peanut Butter was proud to be confirmed by MEMBERS Development Company (MDC) in February of 2019 as a partner for Student Loan Assistance.
MEMBERS Development Company is an interactive network of financial industry leaders serving as a catalyst to accelerate growth in the credit union industry. Its focus on research, thought leadership, innovation, and development is driven by and for its owners. Combined, its owners serve over 14 million members, hold more than $197 billion in assets, maintain over 1,800 branch locations across the nation and employ nearly 37,000 employees.
In the early stages of the project, MDC hired the Center for Financial Services Innovation (CFSI) to research and assess the student debt market, including interviews with industry experts, thought leaders and public policy representatives. Their goal was to identify steps credit unions could take to address the student debt crisis faced by their employees and members as well as determine which high-quality fintechs would be best suited to partner with credit unions.
Peanut Butter was selected for the 2018 charter program, which resulted in successful starts to the Student Loan Assistance programs at Kinecta Federal Credit Union and Alabama Credit Union. Additional MDC owner credit unions also began working with Peanut Butter after these successful rollouts. Prior to concluding the charter program, MDC hired Rochelle Paragon to complete security and operational due diligence on Peanut Butter.
Due to the success of the 2018 charter program, MDC selected Peanut Butter as a partner for Student Loan Assistance for all of their member credit unions.
Is your credit union interested in easing the burden of student debt on employees and differentiating when it comes to attracting and retaining talent? Click below to schedule a time to speak with a member of our Client Solutions team about how Peanut Butter can support your credit union’s goals.