Cooperative CUSO CU*Answers has worked closely with Messick, Lauer & Smith P.C. to develop a new CUSO formation guide aimed at promoting the value of CUSOs and to help those interested in starting their own.
Scott Page, Developer’s Help Desk business manager for CU*Answers said: “CUSOs help credit unions solve problems and often enable credit unions to act bigger than they are. Collaboration aggregates the resources of credit unions to enable each participating credit union to provide more member services more efficiently and effectively. For example, if a credit union has a highly performing lending program and shares the services with other credit unions through a CUSO, the original credit union can spread its fixed costs over a greater number of loans. The credit unions receiving the service have an effective lending platform for a cost they could not otherwise have afforded.”
The guide includes valuable information for anyone considering forming a CUSO, including an overview of legal rules and regulations, organizational and operating considerations, essential CUSO formation documents needed, and more. The document is being offered to all interested parties for free, and an electronic copy can be ordered from the CU*Answers online store.