WASHINGTON – It's no news to anyone active in CUSO circles that multi-owned CUSOs are increasing in number and playing a larger and important role in the CUSO community. That's why Callahan & Associates is including for the first time, a listing of the top 25 multi-owned CUSOs in its soon-to-be-released 2004 Credit Union Directory Callahan Executive Vice President Jay Johnson said the company expects to put out the new version of the directory next month. He said the fact that it included the CUSO table "reflects the growing importance of multi-owned CUSOs. They're the most efficient way for credit unions to leverage their expertise and experience, and they allow the owners, regardless if they're large or small credit unions, to have access to the same technology of the CUSO." The organization and structure of multi-owned CUSOs also allow credit unions to share in the cost of expenses and the risk of operating the CUSO. Johnson ran through some of the names of CUSOs on the Callahan list and noted the diversity of services offered by CUSOs that are included – mortgages, trust services, indirect lending, data processing, brokerage services, ATM and debit cards. "The multi-owned CUSO business model drives a lot of the innovation in the credit union industry," he said. "In terms of broad market impact and product breakthroughs, the multi-owned CUSO route is the way it's going to happen," he opined. – [email protected]