Richfield Bloomington CU: Automation Reduces Program Maintenance Time 87%
Automation Reduces CPI Maintenance Time by 87% With State National
RBCU is a credit union originally founded by school district employees in Richfield, Minnesota, that soon expanded to include Bloomington. Now with 22,000 members and $289 million in assets, RBCU offers a wide variety of affordable financial services to all those who live, work, worship, volunteer, or attend school in Hennepin, Scott and Dakota counties. Learn more at RBCU.org.
Richfield Bloomington Credit Union (RBCU) of Richfield, Minnesota, originally used a blanket policy for collateral protection insurance (CPI). With 22,000 members and over $289 million in assets, the lack of tracking, while making the program easy to manage, actually put their entire credit union at risk.
RBCU switched to State National; however, leadership wasn’t fully supportive of the transition. They initially declined State National’s automation services and did not implement State National’s suggested best practices. Despite ongoing attention and education from State National, the program suffered.