The CUFX Vendor Advisory Board is comprised of organizations that currently provide services to credit unions, such as application/solution providers, core system providers, and credit union service organizations. Members of the CUFX Vendor Advisory Board will help ensure the standard meets the needs of the credit union industry (technical and business) and help promote the adoption of the CUFX standard.
Mission Statement
The CUFX Vendor Advisory Board is committed to the promotion, adoption and support of the CUFX standard to the benefit of all organizations throughout the credit union industry.
CUFX Vendor Advisory Board Objectives:
The CUFX Vendor Advisory Board will provide advice, guidance recommendations, and technical assistance to the Credit Union Financial eXchange organization and Governance Committee.
The CUFX Vendor Advisory Board shall work to advance the quality and usability of the CUFX technical standard, promote adoption of the CUFX standard, and provide support as requested by the Governance Committee.
The CUFX Vendor Advisory Board will also work to support the annual funding objectives to ensure the continuance and continuity of the CUFX organization for the benefit of the credit union industry.
CUFX Vendor Advisory Board Members
Participation in the CUFX Vendor Advisory Board indicates a serious commitment to support the credit union industry and the CUFX technology standard. The following commitment levels are expected by organizational members.
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An initial 2 Year participation commitment to the organization is encouraged.
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Ability to travel up to 2 times per year for face to face meetings or supporting events.
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Ability to dedicate 2 – 4 hours per month, but occasionally more
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Commitment to ensure representation at 75% of scheduled monthly meeting
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Meet due dates for commitments/deliverables
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Stay informed on the relevant discussion topics, meeting minutes, documentation, and e-mails.
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Multiple individuals from an organization may participate on the board.
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Each organization is restricted to one vote.
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Recommended annual contribution based on company revenues per the below tiers:
Annual Contribution Organizational Size (by annual revenue)
$1,000 $25 million and below
$3,000 $50 million and below
$7,500 $200 million and below
$10,000 $500 million and below
$15,000 $1 billion and below
$20,000 > $1 billion
Reporting
The CUFX Vendor Advisory Board will report to and receive direction from the CUFX Governance Committee.
Participation
Any organization that currently supports a production implementation (involving systems integration) of services to a credit union, core system provider, or credit union support organization may request to join the CUFX Vendor Advisory Board.
All requests for membership are approved by the CUFX Governance Committee. An Advisory Board request form can be obtained at cufxstandards.com.
All membership requests must include the specific individual(s) that will be representing the organization on the board.
At present, there is no maximum threshold on the number of organizations that may participate on the CUFX Vendor Advisory Board.
Membership on the board will be assessed annually but remains at the discretion of the Governance Committee and will be based on the level of organization participation and support.
Duration
Vendor organizations are encouraged to participate on the CUFX Vendor Advisory Board for a period of 2 years. Continued participation is encouraged in 1 year commitments thereafter.
Meetings
The CUFX Vendor Advisory Board will hold a regularly monthly meeting on a schedule as determined by the board.
A combined meeting of the CUFX governance committee and CUFX Vendor Advisory Board will be held bi-annually.
Organization
CUFX Vendor Advisory Board Chair – An individual board member that is tasked with leading the Vendor Advisory Board discussions, meeting the objectives of group, and providing additional support as required for members.
CUFX Vendor Advisory Board Vice Chair - An individual board member that is tasked with supporting the organizational chair in meeting the objectives of group, and providing additional support as required for members.
CUFX Governance Committee Representation – Minimally one or more members of the CUFX Governance Committee will be scheduled to attend the monthly Vendor Advisory Board meeting. In the event of the joint bi-annual meeting, all members are anticipated to attend.
CUFX Vendor Advisory Board Chair and Vice Chair roles
- All approved individuals participating on the CUFX Vendor Advisory Board are eligible to participate in the chair or vice capacity.
- Nominations for the Chair and Vice Chair role will be solicited annually.
- All nominations are approved by the CUFX Governance Committee.