RICHARDSON, Texas — To provide a number of tactical services, initially to credit unions, the $2 billion Texans Credit Union has launched a new CUSO, Innovative Support Solutions.
The CUSO will provide risk management and fraud protection, operations and consulting services to financial services and related industries. The risk management arm includes transaction risk analysis and management and regulatory consulting services. The operations solutions division includes database management and information technology operations outsourcing while the consulting services division will provide core system implementation, integration, and upgrade support.
According to Ray Seefeldt, president of ISS, the CUSO's initial focus will target credit unions. Financial services and related industries will also be courted.
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This is the second CUSO launch this year for the credit union. In January, Texans CU bought OBS Financial Services Inc., a Whitehouse, Ohio-based registered investment advisory and asset management firm. The acquisition builds on the 2001 debut of Texans Financial, an investment services subsidiary.
ISS's launch comes on the heels of last week's news from Texans CU that because of member business lending cap and economic uncertainty concerns, it will not be originating any new business loans.
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