ARLINGTON, Va. — While CUSO participation is on the rise in the industry, the entities still are not the formidable players some advocates would like to see them be.
Of the 737 CUSOs currently operating, 564 are owned by a single credit union and 173 have multiple owners, Tom Davis, president/CEO of NACUSO told attendees during a Aug. 1 Webcast hosted by NAFCU, adding 6,400 credit unions are not directly invested in a CUSO.
Davis said the numbers don't bode well considering the industry is in the midst of a slowed and aging membership phase. With the changes in the credit union business model and growing competition from nontraditional financial service players, collaborating with CUSOs have become increasingly important, Davis emphasized.
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A potential fee income boost of up to 15% of total income is possible through investing in CUSOs, said Guy Messick, general counsel for NACUSO. Business lending, car, home and credit card services are typically found in multi-owned CUSOs while trust services, investments, tax preparation and insurance are found in wholly-owned CUSOs, Messick said.
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