Saddled with pressures to reduce operating expenses, California and Nevada credit unions had been seeking an outlet to help minimize costs through a collaborative network.
That was 2008, when the California and Nevada Credit Union Leagues conducted a member survey and received an overwhelming response for greater cooperation and collaboration, said Lucy Ito, league senior vice president of credit union growth and development. After the creation of an ad hoc committee to explore solutions, 10 credit unions came together to launch CURoots Cooperative, a CUSO that will provide back-office services. Ito will serve as CEO of the new entity.
"Credit unions' balance sheets and income statements have been battered by the fallout of the financial crisis and the extended economic recovery," Ito said. "More than ever before, credit unions are feeling pressure to reduce operating expenses. Only through collaboration can credit unions even begin to approach the degree of scale that our banking competitors enjoy."
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