MENLO PARK, Calif. — At their first organizational meeting, representatives from more than a dozen California credit unions spent nearly five hours talking about the possibilities a new CUSO could bring.
NorCal CU Strategies LLC is the brainchild of 16 California credit unions that have come together to form a product and service development CUSO geared toward credit unions with less than $100 million in assets. By collaborating, the hope is that they will not only be able to achieve economies of scale but avoid any duplication of efforts.
At the group's inaugural meeting on Nov. 3 in San Mateo, three types of CUSO models were discussed, said Christine Brown Petro, CEO of Tyco FCU, who was named secretary of NorCal. A think tank CUSO, a launch pad and a collaborative initiative were all on the table. Ultimately, the collaborative model won out.
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