Why is this Important?
There are a multitude of reasons a credit union could find itself struggling, and while some of those are internal or local in nature, often the source is at a macro level with far-reaching ramifications felt nationwide. As we all know that the CUSO business model is heavily dependent on a healthy and strong credit union network, as they are our owners, clients, and best references, it is essential that we support those credit unions working to stay afloat.
As CUSOs gain significance as financial powerhouses of their own—especially many of the multi credit union-owned CUSOs—we have a collective responsibility to be supportive of those credit unions that find themselves facing significant issues. Much like a consortium of CUSOs providing expertise, product variety, and affordable terms for de novo credit unions, we should expect that NACUSO could create and manage a national resource that could consolidate the options available for affected credit unions. This should include a scholarship program for financial as well as operational support.
CUSO Challenge