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open the door for business New CUSO in Michigan is open for business. (Source: Shutterstock)

Credit Union Trust said Monday it received approval from the state of Michigan to officially open for business, which the new organization called an “historic event for Michigan credit unions and their 5.23 million members.”

According to Credit Union Trust, a CUSO, it is the first special purpose bank in Michigan organized by seven credit unions, providing members access to trust and investment related services from the same credit union organization. Previously, credit union members had to seek professional trustee and fiduciary services from unaffiliated banks.

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Peter Strozniak

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Credit Union Times

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