The membership of CURoots Cooperative has approved the transfer of the CUSO'sownership to the California League Services Corp.

The sale and transfer of assets will be finalized on Feb. 28,the California and Nevada Credit Union Leagues said after CURootsmembership's special meeting on Friday. The date is alsowhen the leagues will assume operation of CURoots, whoseservices include shared compliance and specialty internal auditservices.

All current compliance and audit services and contracts willcontinue uninterrupted, the leagues said.

All member credit unions of the leagues will be eligible for theOntario, Calif.-based CURoots' preferred member pricing as of March1, and the $20,000 membership purchase will no longer be required,according to the league.

“This will minimize the duplication of efforts within the creditunion system and furthers the objectives of credit unioncollaboration,” said Gary Perez, CURoots board chairman andpresident/CEO of the $362 million USC Credit Union in LosAngeles.

“We are pleased we can provide our member credit unions inCalifornia and Nevada with additional compliance and internal auditsolutions, which will complement current league compliance servicessuch as InfoSight, CU PolicyPro and the Research and InformationHotline,” said Diana Dykstra, president/CEO of the California andNevada Credit Union Leagues.

“Bringing CURoots services under the leagues will leverage ourlarger scale and help reduce costs and increase efficiencies,”Dykstra added.

In addition to the leagues, CURoots was owned by 16 creditunions and CO-OP Financial Services.