ARLINGTON, Va. — While CUSO participation is on the rise in theindustry, the entities still are not the formidable players someadvocates would like to see them be.
|Of the 737 CUSOs currently operating, 564 are owned by a singlecredit union and 173 have multiple owners, Thomas Davis,president/CEO of NACUSO told attendees during a Aug. 1 Webcasthosted by NAFCU, adding 6,400 credit unions are not directlyinvested in a CUSO.
|Davis said the numbers don't bode well considering the industryis the midst of a slowed and aging membership phase. With thechanges in the credit union business model and growing competitionfrom non-traditional financial service players, collaborating withCUSOs have become increasingly important, Davis emphasized.
|A potential fee income boost of up to 15% of total income ispossible through investing in CUSOs, said Guy Messick, generalcounsel for NACUSO. Business lending, car, home and credit cardservices are typically found in multi-owned CUSOs, while trustservices, investments, tax preparation and insurance are found inwholly-owned CUSOs, Messick said.
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