Plans were already on the table for South Carolina Federal Credit Union to launch another credit union service organization when one of the biggest threats to the industry started to reverberate.
The $1.3 billion cooperative in North Charleston, S.C., wanted to build another CUSO after having an indirect lending CUSO in place for years, said Bonnie Ciuffo, chief information officer. Some early discussions led to which directions to go in.
"What really pushed it along was the threat and loss of interchange," Ciuffo recalled. "We knew we had to find some alternative means of income. Our choice is not to fee our members to death."
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