The NASO Board of Directors and leaders from the Officials Federal Credit Union (OFCU) have agreed to enter a formal partnership. The proposed Officials Federal Credit Union has completed the first phase of the federal chartering process and has submitted its full charter application to the National Credit Union Administration (NCUA), where it is currently under review.
The decision to partner was finalized during the NASO Board meeting on July 26 in Grand Rapids, Mich., and will be the first partnership of its kind in the officiating industry.
If the OFCU application is approved by the NCUA, access to OFCU services will become an NASO member benefit and will add to the robust insurance, education and advocacy benefits currently available to all NASO members.
“We are excited to partner with the OFCU. This is a bold, unique initiative that will help all sports officials. The OFCU-NASO partnership will greatly enhance NASO member benefits,” said Bill Topp, NASO president.
The proposed OFCU was created for certified sports officials who manage their own finances as independent contractors. It’s the only financial institution built around the way officiating income actually works — seasonal, assignment-based and self-managed. The organization provides financial tools, education and cooperative ownership designed for the profession of sports officiating.
“As an organizing committee, we are deeply grateful to the NASO Board and leadership for their visionary decision to serve as Executive Sponsor for the proposed Officials Federal Credit Union,” said OFCU founding board member Daren Jackson. “Just as NASO helps officials succeed on the court through rules education and training, it will now help them succeed off the court through financial literacy and access to better financial services. By helping shape OFCU’s federally regulated fiduciary, trustee, lending and money-movement capabilities, NASO is laying the foundation for lasting, lifelong benefits including higher yields, more affordable loans and streamlined payments for officials, assigners, associations and the entire officiating industry.”
The OFCU team is led by co-founders Daren Jackson and Jeff Triplette. Jackson founded RefPay, now ArbiterPay, and is the former CEO of Rapid Financial Solutions. Triplette is a retired NFL referee and former CEO of ArbiterSports. The two have extensive backgrounds and expertise in the financial transaction industry and have a wealth of knowledge about how sports officials are financially compensated for their work.
The OFCU Charter Application is currently under review by the National Credit Union Administration. OFCU has received approval for Phase I of the chartering process and has advanced to Phase II, which includes NCUA review of its full business plan, financial projections, policies, governance structure and management plan.
If the federal charter is approved, OFCU will be cleared to open for business and accept member deposits. More specific details will be provided by OFCU and NASO as they become available.
