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Credit unions seeking sources of noninterest income may want to consider a new service concept that takes them outside of the financial services industry while capitalizing on their members’ trust.

The service is called health record banking, and involves credit unions and, in particular, CUSOs acting as repositories for members’ personal health information, according to a January study by the Madison, Wis.-based think tank Filene Research Institute. Members would have control over maintaining and distributing their own electronic health records, the study postulated, and credit unions could earn as much as a 15% margin on each account.

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