Credit Union Trade Groups Endorse Proposed CUSO Rule While Consumer Groups Argue Would Authorize Predatory Lending
Two stories from David Baumann of the Washington CU Daily: Saying that the NCUA’s current rule governing Credit Union Service Organizations is sorely outdated and hampers innovation, CUNA and NAFCU are calling on the agency board to finalize an updated regulation. The National Credit Union Administration’s proposed Credit Union Service Organization rule would allow CUSOs to become predatory payday lenders that could make loans that far exceed the interest rate in the Federal Credit Union Act, consumer groups are warning.
Chip Filson shares his thoughts on the 50th anniversary of cooperative CUSO CU*Answers and the message they sent to owners.
After the proposed CUSO lending rule change approved in January by the NCUA Board, bankers are asking for more time to comment.
CUSOs are formed for all sorts of reasons. Sometimes for access to tech, sometimes for lowered costs, sometimes for shared resources, and sometimes even all three. Scott Page shares some considerations credit unions should think through when forming a new CUSO.
Are credit unions partnered with CUSOs more likely to succeed? NACUSO’s Guy Messick and Callahan’s Jay Johnson dive into the numbers to explore the question of whether CUSOs really do make a difference to the credit unions they serve.
Need customer buy in when designing a new product or service? Jim Vilker examines the difference between simply building for your clients versus making them active participants in the creation of the services they will be using.
CU*Answers, Inc., the Grand Rapids, Michigan-based cooperative CUSO, and MY CU Services, the payment and technology CUSO of Vizo Financial, have launched a new strategic partnership to provide technical and operational services to the growing community of credit unions served by the two organizations.