Member Support Services expands network with Greylock Federal Credit Union
With $1.6 billion in assets under management, Greylock becomes the largest credit union to join the collaborative effort to boost operational scale, efficiency, and savings for MSS members.
CRANBURY, NJ (October 15, 2024) — Member Support Services, LLC (MSS), a credit union service organization (CUSO) helping credit unions better serve their members through improved access to technology, operational efficiencies and economies of scale, welcomes Greylock Federal Credit Union to its growing network of member institutions. By leveraging MSS’s integrated technology solutions, Greylock will enhance operational scale and efficiency, improve member services, and increase purchasing power across the network.
“In today’s environment of rising costs and rapid digital transformation, the investments required to stay competitive can feel overwhelming for many credit unions,” said Vim Anand, CEO of MSS. “By joining MSS, Greylock will deliver greater value to its members while preserving its brand and contributing to our network’s collective strength. This collaboration enables Greylock to achieve the scale necessary to continue delivering outstanding value to its members and supports our goal of building a more resilient model for all credit unions.”
Greylock will join long-standing MSS members, including the Credit Union of New Jersey and United Teletech Financial, strengthening shared investments in technology and services such as lending, collections, and IT. By leveraging jointly negotiated vendor contracts, Greylock and MSS member institutions will also benefit from significant cost savings, reducing expenses for essential services across the network.
“At Greylock, serving our members and our community has always been at the heart of what we do,” said John Bissell, CEO of Greylock Federal Credit Union. “By joining MSS, we’re strengthening our ability to address the unique needs of our members while preserving our independence. This collaborative model empowers us to innovate and improve our efficiency, ensuring we continue to deliver exceptional value and support to our members as we grow.”
MSS has a strong track record of delivering tangible value to its member credit unions. Since joining MSS, partner unions have achieved significant improvements in processing efficiencies, reducing efficiency ratios by 20 to 30 basis points. With Greylock now part of the network, these efficiencies are expected to improve, enhancing the collective performance and cost savings for all members. Beyond financial and operational advantages, the MSS model helps member CEOs connect, exchange insights, and share strategies, creating a valuable support network to navigate industry challenges.
As MSS continues to grow, it is committed to helping credit unions achieve scale, reduce costs,
and improve member experiences through shared resources and advanced technology. With a goal of reaching $8 billion to $10 billion in assets under service in the next few years, MSS aims to get its partner members to an operating cost ratio of 2.8% and an efficiency ratio of 66%.
About Member Support Services, LLC (MSS)
Member Support Services, LLC (MSS), located in Cranbury, NJ, is a shared services Credit Union Service Organization (CUSO) that processes middle- and back-office operations for its shareholder credit unions. MSS believes that collaboration is the hallmark of credit unions’ business model — and credit unions can leverage it strategically for efficiencies to help their members thrive! MSS creates operational efficiency and cost savings through economies of scale and standardization, while allowing credit unions to focus even more intently on serving their members. Shared services provides organizations the ability to launch more robust initiatives than they could have on their own, garner substantial operational cost savings, and reap a significant boost in negotiating power. (www.msscuso.com)
About Greylock Federal Credit Union
Greylock Federal Credit Union is wholly owned by its members and offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown, Lanesborough, and Lenox, Mass., and Greenport/Hudson, N.Y. Greylock has a Low-Income Designation (LID) from the National Credit Union Administration (NCUA) and certification by the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund allowing the Credit Union to offer expanded services to low- and moderate-income families. Insured by NCUA.
