DENVER—After an area-wide power outage that affected the host hotel and delayed the start of the meeting, the VeleraLIVE event kicked off here with the introduction of a new purpose statement and other news and developments.
The meeting, which has drawn nearly 2,000 attendees to the Gaylord Rockies Resort, is using the theme “Velocity for a New Era” (which is where the name Velera comes from). The company noted it now supports more than 4,000 financial institutions and 126 million credit union members.
President and CEO Chuck Fagan unveiled Velera’s new purpose statement: “We accelerate partners’ success through innovative financial technology solutions and inspired service.”
The Future Focus
Fagan told attendees Velera’s strategy for the future is focused on:
- Delivering a next-generation payments package
- Protecting and securing our partners through industry-leading fraud protection
- Improving member experience through enhanced digital capabilities
- Leveraging data to empower exceptional member experiences
Fagan also shared progress on key initiatives, including Velera’s product journey and Lumin Digital.
An Update on Merger
During the keynote, Fagan invited Brian Caldarelli, Velera’s chief administrative officer, to provide an update on the milestones achieved over the 15 past months following the combination of the former PSCU with Co-op Solutions, which merged to form the company.
Velera said that through Caldarelli’s work overseeing the Integration Management Office (IMO), Velera has “aligned the right people in right roles, decided on its data center consolidation strategy and finalized go-forward facilities strategy and physical footprint.” Caldarelli reported that 50% of all IMO projects have been completed, “all with a people-first philosophy and a service-oriented mindset.”
Fraud & Risk Initiatives
Dean Michaels, Velera’s chief operations officer, also joined Fagan to provide an update on fraud/risk and disputes. In 2024, Velera reported it stopped almost $3 billion in fraud from occurring at credit unions.
“On average, Velera credit unions received an astounding 1,753% return on their fraud investments as a part of the cooperative,” the company said. “For every dollar spent with Velera to prevent fraud, more than $17 in fraud are prevented.”
Michaels also provided updates on the recently announced fraud service model and consumer-engaged fraud guide.
‘The True Strength’
“The true strength of the credit union industry lies not in competition, but in collaboration,” said Fagan. “We are bound by a shared mission – to serve, to uplift and to empower. When we collaborate, we create more than financial solutions – we create hope, trust and opportunity for our members and communities.
“The challenges ahead may be great, but they are no match for the collective passion in this room,” he continued. “By working together, we can break barriers, drive innovation and ensure that the credit union movement remains a force for good – one that truly puts people before profit.”